NEWS & ADVICE : CAR LOANS
Lending rates see rise in seven banks
By Vaibhav Aggarwal
Feb 2, 2011
Print    Email    RSS   

The recent policy rate hike by Reserve Bank of India has triggered rise in lending rates by many lenders. Lenders like Bank of Baroda and HDFC Bank have announced a 50 basis point rise in lending rates.

Bank of Baroda has also increased its deposit rates along with Oriental Bank of Commerce. Lending rates have also been raised by Indian Bank, Indian Overseas Bank (IOB), Bank of India (BoI) and Dena Bank. Interest rates have also been raised by PNB. PSB and Allahabad Bank.

Deposit rates of BoB have seen a 50 bps rise across selected maturities. The 444 days deposit will now attract the depositor an interest of 9.10% till March 2011. Deposits of tenor in the range of 1 year to 443 days will now bear interest of 8.75%. The revised rates are coming to effect from today, February 02, 2011.

Fixed deposit rates of OBC have been raised by 25 bps with the highest interest of 9.25% being paid for the 500 day deposits.

HDFC Bank has raised both BPLR and base rate by 25 bps thereby making it evident that loans would now get costlier by atleast 25 bps for both new and existing customer.

"This is in line with the interest rates in the economy, which have hardened due to an increase in policy rates, inflation and liquidity in the domestic market," HDFC said.

The base rate of Indian Bank has received a 50 bps rise to 9.5% with effect from February 01, 2011. IOB has also raised its base rate from 9% to 9.5%.

Dena Bank's base rate has been raised by 50 bps to 9.45% with effect from today.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
A chronicle of excesses by loan recovery...
Manage your loans, avoid recovery agents
Carnival of Indian Personal Finance Blogs #4
Carnival of Indian Personal Finance Blogs #6


CAR LOAN STETMENT
Hello I am looking to renew my car insurance and I...
my loan no

NEWS THIS WEEK
SBH bank extended its Car and gold loan campaign till 31st March, 2015. Feb 11, 2015
KVGB bank signed MOU with TATA Motors Feb 10, 2015
SBH bank extended its scheme offering concession to loan defaulters Feb 2, 2015
Karnataka Bank tied up with TVS motors to Assist Auto rickshaw buyers Jan 27, 2015
RBI extended the Directions issued to Amanath Co-operative Bank for a period of six months Jan 22, 2015
News Archive