State Bank of Hyderabad (SBH) has launched a new campaign for housing and car loans.
Under the campaign ‘Apna Ghar & Apna Car’, the bank would offer loans at a concessional interest rate during January 1-March 31, 2014.
The bank has reduced the interest rates by 20 basis points for car loans from 10.6 per cent to 10.4 per cent and is also offering concessional processing charges at 0.25 per cent of the loan amount subject to a maximum of Rs 1,000.
Interest on housing loans will be 10.2 per cent for loans up to Rs 75 lakh and 10.3 per cent for loans above Rs 75 lakh.
Floating rate of interest
The rate of interest is on floating basis and is applicable for all tenors. The loan interest is calculated on daily reducing balances.
For instance, for a loan amount of Rs 1 lakh, the customer has to pay an EMI of Rs 892 only for a 30-year tenor for housing loans.
Similarly, for every Rs 1 lakh, the customer has to pay an EMI of Rs 1,681 only for a seven-year tenor for car loans.
In view of the good response received from customers, SBH had extended the Deposit Scheme-SBH 150 Days up to January, according to a release.