BoI cuts interest on auto loans
After SBI and Bank of Baroda, another public sector lender, Bank of India, on Tuesday heeded Finance Minister P Chidambaram's call and cut its short-term interest rates by 0.25 per cent on vehicle loans.
By PTI |
MUMBAI: After SBI and Bank of Baroda, another public sector lender, Bank of India, on Tuesday heeded Finance Minister P Chidambaram's call and cut its short-term interest rates by 0.25 per cent on vehicle loans.
The bank's interest rate on this category will now stand at 11.75 per cent, a BoI release said here.
It is offering a special interest concession of 0.25 per cent on the rate of interest on vehicle loans for women.
Loans under tie-up arrangements with dealers and/or employers also get concessional interest.
However, the rate of interest on loans with longer repayment period are offered at 12 per cent per annum, the release said.
Under Priyadarshini Yojana, a development initiative that offers incentives to women entrepreneurs, BoI has declared a further rebate of one per cent for loans.
Other incentives include reduced processing charges and accident insurance cover at competitive rates during the current festive season.
A slew of public and private sector lenders including SBI, ICICI Bank, Axis Bank and IDBI Bank, have slashed their rates to woo new customers in the festive season.
The bank's interest rate on this category will now stand at 11.75 per cent, a BoI release said here.
It is offering a special interest concession of 0.25 per cent on the rate of interest on vehicle loans for women.
Loans under tie-up arrangements with dealers and/or employers also get concessional interest.
However, the rate of interest on loans with longer repayment period are offered at 12 per cent per annum, the release said.
Under Priyadarshini Yojana, a development initiative that offers incentives to women entrepreneurs, BoI has declared a further rebate of one per cent for loans.
Other incentives include reduced processing charges and accident insurance cover at competitive rates during the current festive season.
A slew of public and private sector lenders including SBI, ICICI Bank, Axis Bank and IDBI Bank, have slashed their rates to woo new customers in the festive season.
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