The country's largest lender, the
State Bank of India on Wednesday said it will raise car and other personal loan rates, excluding housing and education, by an average of 0.75 per cent.
"We have announced hike in benchmark prime lending rates by 75 basis points...consequently, we will be raising rates of all (personal) loans, except for housing and education, by 75 basis points on an average," Ashok Aggarwal, MD, SBI said on the sidelines of the launch of electronic system for excise and service taxes.
He, however, clarified that some loan rates may rise by one per cent and some by 0.50 per cent, but the average would be 0.75 per cent. The interest rate hike would be announced in a few days, he added.
Aggarwal's statement came amid reports that ICICI and Kotak are increasing auto interest rates by 0.75-1
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