Last year banks have announced festive loan offer at the start of the festival season. The banks have cut interest rates on home loans and on retail loans.
Good news for people who have plans or were planning to buy new home or want to take loan to buy car, etc before the budget can now do so. The two leading banks State Bank of India, country’s largest bank and the ICICI Bank the largest lender amongst the private sector banks have extended their limited period festival offers, providing lower interest rates on new home and other retail loans, till January 31.
From October 8, 2007, SBI had reduced interest rates on new home, car, truck and farm equipment loans by 50 to 200 basis points, as a special offer.
ICICI Bank, on October 10, 2007, had reduced interest rates on floating rate home loans by 50 basis points to 11 per cent and on other retail loans by 25-50 basis points.
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