NEWS & ADVICE : PERSONAL LOAN
Syndicate Bank cut lending rates
By Vaibhav Aggarwal
Nov 12, 2008
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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 tenureInterest 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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