Corporation Bank reduces interest rate on home loans and vehicle loan rates

Corporation Bank has announced reduction on interest on home loans and other select schemes and will come into effect from November 17.

According to bank release floating rate on home loans up to Rs 30 lakh, interest rates has been brought down by 75 basis points and higher reduction has been brought about for loans above Rs 30 lakh.

Therefore floating interest rates on “Corp Home” loan up to Rs 30 lakh will be 9.75 per cent (10.50 per cent) and for loans of tenure up to five years, 10 per cent (10.75 per cent) for loans above five years and up to 15 years, and 10.50 per cent (11.25 per cent) for loans above 15 years.

The floating interest rates on Corp Home loan above Rs 30 lakh are: 10.50 per cent (12.25 per cent) for loans of tenure up to 5 years, 10.75 per cent (12.25 per cent) for loans above five years and up to 15 years, and 11 per cent (12.50 per cent) for loans above 15 years.

The interest rate for Corp Mobile (vehicle loan) scheme has been reduced to 12.50 per cent (13 per cent), whereas Corp Consumer (loans for consumer durables) scheme has been slashed down to 14.25 per cent (14.75 per cent) and Corp Vyapar (loan for traders) scheme is reduced to 14 per cent (14.25 per cent).

The release added that the revised interest rate will be applicable for all existing and fresh loans sanctioned. But for the existing fixed rate Corp Home loans, existing interest rate will continue till the new date.