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J&K Bank reduces loan rates for women borrowers

Press Trust of India  |  Srinagar 

and Kashmir has announced reduction in interest rates on for women borrowers following state government's decision to abolish stamp duty on properties registered in the name of female folk.

"In line with recent decision of state government to waive stamp duty on the purchase of immovable property registered in the name of women, has announced reduction in rate of interest in various loan schemes to women borrowers," a of the said.

The said the bank will also establish two 'Ladies Special Branches' - one each in and

In housing loan segment, the bank has reduced the rate of interest by 10 to 40 basis points in non priority segment for women borrowers, he said.

In the priority segment , the bank is already charging interest on MCLR basis, which is lowest that bank can offer, the said.

"Interest in case of two-wheeler loans, loan against mortgage of property and computer have been reduced by 50 basis points while in education loan, it has been cut by 75 basis points," he added.

Parvez Ahmad, hailing the state's decision to abolish the stamp duty, said this landmark decision will certainly have a positive effect on the overall loan portfolio of the banks in the state.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 13:40 IST