SBI by lowering interest rates on home loans and auto loans by 5 basis points or 0.05% points, has become the cheapest provider of home loans in the market.

It now offers home loan starting at 8.30% and auto loans at 8.70%. The new rates will be effective from November 1,2017.

For loans upto Rs.30 lakh, the effective interest rate for all eligible salaried customers will be 8.30% per annum and for car loans the rate will be from 8.70% to 9.20% per annum.

As per the bank, the precise rate will depend on the credit score of the individual and the amount of the loan.

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