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| Barclays lowers int rates for regular EMI payee |
| Press Trust of India / Mumbai Oct 14, 2009, 13:41 IST |
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Barclays Global Retail and Commercial Bank (GRCB) India today said its customers of business loans who are regular in the repayment of their EMIs over a 12-month period would benefit from a lowering of interest rates for the remaining tenor of the loan.
The foreign bank has launched its 'Drop Down Feature' for its business loans category which it said would encourage customers to make payments in a timely fashion by way of the differentiated repayment structure they will enjoy.
"At Barclays, the customer always comes first...We are certain that this offering will help Barclays' business loan customers manage their finances far more efficiently," Barclays GRCB India's Interim Managing Director and COO, Ram Gopal, said in a release here.
Currently, across the market, all business loan offerings have a fixed rate of interest for the tenor of the loan.
Barclays will offer a competitive interest rate for the first 12 months. During the next 12 months, customers who meet their EMI repayment commitments will get a reduction in the interest rate by a fixed percentage, the release said.
"A further reduction in interest rates will again take place for another 12 months of regular repayments, which will thereafter become the rate of interest for the remaining tenor of the loan," it said.
Barclays GRCB India's Consumer Banking Director, Suvrat Saigal, said "inovation is at the core of any offering from Barclays. We feel that the unique 'Drop Down Feature' will encourage customers to avail of the Barclays business loans for their business needs."
Barclays GRCB business has built a strong franchise in India over the past two-and-a-half-years with over 9 lakh clients and customers, the release said.
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