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Sunday, October 13, 2013

Corporation Bank cuts lending rates on home, auto loans

Corporation Bank reduced interest rates on home, auto and consumer durables loans by up to 1.75 per cent to cash in on the festival season demand.

The bank cut lending rate on home loans by 0.50 per cent, while the reduction in rates for auto loans is 1 per cent.

The cut in lending rate for consumer durables loans of up to Rs 5 lakh is 1.75 per cent.

The bank offers home loans of up to Rs 50 lakh at base rate of 10.25 per cent for all tenors. For loans of above Rs 50 lakh, the interest rate is 10.50 per cent.

The processing charges are fully waived for loans up to Rs 25 lakh, while 50 per cent concession is offered on loans above Rs 25 lakh, it said.

With regard to auto loans, it said the rate of interest is 10.65 per cent for up to Rs 50 lakh and 50 per cent of applicable processing charges are waived.

Similarly, the rate of interest has been reduced from 12.25 per cent to 10.50 per cent for kitchen and home appliances, solar panels, water heaters etc.

The offer is available for a period of four months till January, 2014.

For the advantage of customers, the bank has made a special arrangement with New India Assurance Company Ltd in offering vehicle insurance coverage at attractive premium.

Source: thehindubusinessline


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