SBI hikes bike, car loan rates

Biggest national bank in the country, State Bank of India (SBI) has hiked interest rates on loans for homes and cars. The rates have increased from 7.95 per cent to 8.15 per cent. This is a huge burden on customers, especially middle classes, who purchase houses and cars. They will have to repay the loans in Easy Montly Instalments (EMI). Following bank scams, almost all banks have resorted to hike in interest rates on loans, including Punjab National Bank (PNB). Not just nationalised, but even private banks are about to do the same.