State Bank of India's Cheap Loan Offer

India's largest lender, State Bank of India" href="/financial/state-bank-of-india.htm">State Bank of India will extend the special offer they introduced for auto and home loans till September of 2009. This means that the bank will freeze the interest rate on new home loans at 8 per cent during the first year. The cost of auto loans will also be fixed at 10 per cent during the first year. The interest rate will however be revised to the prevailing rate subsequently. Nanda Kumaran, State Bank of India's chief general manager for retail banking said the bank has sanctioned loans for over 20,000 customers under this new scheme.

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