Financial Daily from THE HINDU group of publications
Thursday, Aug 19, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 19, 2004 |
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Money & Banking
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Public Sector Banks SBT cuts interest rates for Onam Our Bureau
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has reduced interest rates on home and vehicle loans during the "Onam" festival season. The lower rates will be applicable to loans sanctioned between August 1 and 31, according to a statement from the bank. The interest rate for home loans with floating rates for tenures between five and 10 years will be 7.5 per cent, instead of the prevailing 8 per cent. For tenures above 10 years, the rate has been reduced to 8 per cent from 8.25 per cent during the festival period. There will be reduction in the interest for loans for purchase of new cars. For loans repayable within 35 months, the rate will be 8 per cent against the normal rate of 9 per cent. For loans above this, the rate will be 9 per cent against the prevailing 9.5 per cent. For two-wheelers, the reduced rate during the period will be 11 per cent, instead of the existing 11.5 per cent. The "Sahayavarsha" personal loans will be available at a reduced rate of 11 per cent during the period.
More Stories on : Public Sector Banks | Kerala
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