SBOP cuts lending rates on loans for cars, consumer durables

State Bank of Patiala (SBOP) today announced it was slashing interest rates on car and consumer durables loans in the festival season.
The lending rate for car loans has been reduced by 10 basis points to 10.65 per cent, a press release here said.
With a processing fee of Rs 500, the EMI for car loans has been kept at Rs 1,694 per lakh, it said.
On consumer durables, including refrigerators, washing machines, ACs, cooking or kitchen equipment, the interest rate has been slashed by 100 basis points to 12.75 per cent, it added.
The new interest rates will be valid till January, 2014, the release added.