Corporation Bank to cut interest rates on home, car, eucation loans from Sep 1

Corporation Bank to cut interest rates on home, car loans from September 1, 2012. Corporation Bank has decided to slash interest rates on home, car and educational loans with effect from September 1 for a three-month period. The state-owned lender has also decided to waive the processing fee for these loans.

The Chairman and Managing Director (CMD) of Corporation Bank Mr. Ajai Kumar said the interest rates for Corp Home Housing loan for up to Rs 50 lakh would be 10.50%.

The rates would be 10.75% for loans up to Rs 1 crore and 11% for loans exceeding Rs 1 crore. The bank hitherto charged 11.25% interest on home loans, he told reporters here yesterday.  In case of vehicle loans, customers would be charged at 11.25% for a five-year period. The interest rate for auto loans with a tenure of 7 years would be 11.75% as against 12% charged so far, he said.

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