Indian Bank slashes housing & auto loan rates

Home loans from Indian Bank will now be available at Rs. 935 per lakh and vehicle loans at Rs. 1658 onwards, the bank said in a press release. The cut ranges between 0.10 per cent and 0.20 per cent.

Effectively therefore, a Home Loan up to Rs.75.00 lakh has decreased by 0.10 per cent from 9.65% to 9.55 per cent, while a home Loan above Rs.75.00 lakh will have a new interest rate of 9.75 per cent as against the present rate of 9.90 per cent. Vehicle Loan for New Cars will now carry an interest rate of 9.95 per cent as against the existing 10.15 per cent, the release added.

The Bank has recently formed a dedicated retail wing for processing of loans and hence it said that loans for purchase of plots, top-up loans, loans for furnishingp; home improvement, loans for repairs and renovation will now be very easily available and processed hassle free for borrowers.