IDBI Bank cuts home,auto loan rates from Oct. 1

IDBI Bank has cut its new home,auto loan rates by 0.25-0.5 per cent effective from Oct. 1.

State-run IDBI Bank has cut its new home,auto loan rates by 0.25-0.5 per cent effective from October 1,a top official said.

With this,new rates for home loans up to Rs 30-lakh will be 8.75 per cent as against the existing 9 per cent. Home loans between Rs 30-50 lakh will attract rate of 9 per cent (9.5 per cent) while those above Rs 50-lakh will be priced at 9.25 per cent (9.5 per cent).

Also,new auto loans taken between October 1- December 31 will be priced at 8.5 per cent as against around 12 per cent presently.

Story continues below this ad

The bank has also put a cap of Rs 2,500 on the processing fee for these vehicle loans,its Head,Personal Banking group,C S Jain told reporters here.

IDBI Bank has targeted Rs 18,000-crore retail loans by March as against the current outstanding of Rs 14,000-crore.

It expects to add Rs 3,200-crore new home loans during the period,Jain said.

The bank’s total deposit-base is expected to grow to Rs 67,000-crore by end-fiscal as against around 50,000 crore currently,Jain said.

Story continues below this ad

As part of its festive offer,the bank plans to offer 0.25 per cent more interest for 6 months-1 year deposits,taken from October-1 to 31.

Tags:
IDBI

Debris found in Dal Lake could be from missile Pak fired during Op Sindoor

India2 hr ago

Debris believed to be from a missile fired by Pakistan during Operation Sindoor in May has been found in Srinagar's Dal Lake. The debris has been handed over to the Air Force for further investigation. Sources say the target may have been a military installation in Srinagar, which is close to the lake. The make of the missile is yet to be determined.

View all shorts

Live Blog