Allahabad Bank has launched a scheme for existing customers with a loan limit up to Rs 3 crore under which they will be segmented into Gold and Silver card customers. These customers will get concessional rate of interest on their loans, pegged at 2 per cent less than the PLR for Gold and 1 per cent less than PLR for Silver. There is a further concession of 0.5 per cent and 0.25 per cent on charges for non-fund business for Gold and Silver customers, respectively.
Canara Bank has slashed its home loan rates by 0.25 per cent under floating rates. The rate has been reduced to 7.25 per cent from 7.5 per cent for loans up to 5 years. For periods above 5 years, the rates have been cut to 8 per cent for loans up to Rs 10 lakh and 8.25 per cent for loans above Rs 10 lakh. The fixed rates for all the three above categories have been brought down to 7.75 per cent, 8.75 per cent and 9 per cent respectively.
Gem of a scheme
Swarna Abharana, a loan for buying jewellery, has been introduced by Indian Bank. Under the scheme, one can take a loan of Rs 10,000 to Rs 2,00,000 at 10.5 per cent with a repayment period of 60 months. There would be no processing fee on loans up to Rs 50,000 and 0.5 per cent on loans above that.
The Birla Fixed Maturity One-Year Plan is open for subscription till April 30.