Corporation Bank, Syndicate Bank cut lending rates
Following the ongoing trend, two government-run banks on Friday slashed their respective lending rates on loans for home, auto and consumer durables.
Corporation Bank announced its decision to cut interest rates on loans for home, auto and consumer durables by up to 1.75 per cent; while Syndicate Bank slashed the interest rate on housing loans of above Rs 75 lakh by 0.25 per cent effective from 9th of October.
Corporation Bank announced that lending rate on home loans and auto loans had been cut by 0.50 per cent and 1 per cent; while lending rate on loans for consumer durables of up to Rs 5 lakh had been cut by 1.75 per cent.
Syndicate Bank also brought down the rate of interest on two-wheeler loans by 50 basis points to 12.25 per cent.
Announcing the move, Syndicate Bank said, "The bank has reduced the rate of interest on housing loans of above Rs 75 lakhs by 25 basis points . the rate of interest on all housing loans irrespective of the quantum of loan will be base rate i. e. 10.25 per cent."
The state-run lender also announced that had also cut the service charges by 50 per cent on all housing and vehicle loans.
Over the past week, a number of lenders, including Dena Bank, Punjab National Bank, Oriental Bank of Commerce (OBC) and IDBI Bank, cut their lending rates, to cash in on the festive season.