Tags:
Journalism of Courage
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.
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.
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.
