Central Bank cuts interest rates | india | Hindustan Times
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Central Bank cuts interest rates

india Updated: Sep 15, 2006 15:09 IST

CENTRAL BANK of India has reduced the interest rates on all its retail loan schemes by 50 basis points to garner higher market shares in the ensuing festive season.

The reduced rates are applicable with effect from September 15 and will be in force till October 31. On housing loans, the maximum interest rates now stand reduced to 8 per cent (fixed) and 7.5 per cent (floating). On education loans, the interest rates applicable now are 10.50 per cent for male studenst and 10 per cent for female students. The bank offers special concessions for IIT & IIM students.

In consumer loan category, RoI of Centbuy scheme stands at 12 per cent for vehicle loans – 8.50 per cent for three-year repayment period and 9.5 per cent for above three years.

The Cent Trade scheme’s RoI is now 10 per cent Cent Safar – 11 per cent and Cent Jewel is 9.5 per cent. The bank has waived processing charges on housing loans for the stated period.