State-run, Syndicate Bank declares a cut in its home and auto loan rates. The bank reduces its lending rate after cutting down its PLR to 13.25%. The housing loan extended at a floating rate has checked a rate cut of 75 basis points with effect from November 8th. The changed interest rate of the bank stood as follows: | Loan Amount with tenure | Interest rate |
|---|
Upto Rs 20 lakh | upto 5 years | 9.25% | upto10 years | 9.75% | upto 20 years | 10% | above 20 years | 10.25% | Rs 20 lakh to Rs 30 lakh | upto 5 years | 10% | upto 10 years | 10.50% | upto 20 years | 10.75% | above 20 years | 11% | Above Rs 30 lakh | upto 5 years | 10.50% | upto 10 years | 11.00% | upto 20 years | 11% | above 20 years | 11.50% |
Syndicate bank has also reduced the auto loans by 75 basis points to 13.25% from 14%. Moreover the interest rates on personal and consumer loans, where salary is credited in the account of the borrower is also been cut down to 13.5%. The education loans rates of the bank are reduced to 11.25% and 10.75% for loans up to Rs 7.5 lakh and loans above Rs 7.5 lakh respectively. Recently Canara Bank has declared a rate cut in both its hosing and auto loans. |
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