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| IDBI Bank cuts home, auto loan rates from Oct 1 |
| Press Trust of India / Mumbai Sep 29, 2009, 19:51 IST |
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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 lakh and Rs 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 and December 31 will be priced at 8.5 per cent as against around 12 per cent at present.
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.
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