subject: Allahabad Bank offers Festive season rebate up to 1% on loans [print this page] Allahabad Bank said borrowers will get an interest concession of up to 1 per cent on loans during the festival season, which it hopes will attract new customers.
While the interest rebate offered by the bank on housing loans under the floating rate scheme varies from 0.25 per cent to 1 per cent, new borrowers taking out loans under the fixed rate scheme will get a concession of 0.50 per cent to 1.75 per cent for a limited period, Allahabad Bank said in a statement.
At present, housing loans up to Rs 50 lac at a floating rate are available at 10.25 per cent interest for a period of 15 years, while fixed rate loans of the same maturity and amount are available at 12.5 per cent.
The announcement comes days after a few banks, including Punjab National Bank, launched a festival bonanza for their customers. PNB has offered floating home loans at a fixed rate of 8.5 per cent for three years.
At the same time, Allahabad Bank has also reduced the car loan interest rates for new vehicles by 1 per cent, it said.
Under normal circumstances, the Kolkata-based lender provides car loans at an interest rate between 10.5 and 11 per cent.
The saral loan scheme, personal loans for doctors and pensioners and housing loans for furnishing will also get a rebate of 1 per cent, it said.
The concessional offer is valid from September 1 to December 31, 2010, it said.
The special festival offer will encourage customers, especially from middle and lower income groups, to avail credit at reduced interest rates to fulfill their requirements during the festival season, it said.
Meanwhile, Allahabad Bank has been conferred with the national award for excellence in MSE lending for 2009-10 instituted by the Ministry of Micro, Small and Medium Enterprises (MSME).
The award was received by Chairman and Managing Director J P Dua from the President of India yesterday.
The award reinforces the bank's commitment and consistent contribution to overall economic development of the country through faster growth of MSMEs and other priority sectors, Dua said.
Allahabad Bank offers Festive season rebate up to 1% on loans
By: Bhavana Jhingan
welcome to Insurances.net (https://www.insurances.net)
