HYDERABAD, JAN. 3:State Bank of Hyderabad (SBH) has launched ‘Apna Ghar & Apna Car’, a new campaign for housing and car loans. During the campaign period of January 1 to March 31, 2014, the bank will offer loans at concessional rates .
The bank has reduced interest rates by 20 basis points for car loan from 10.60 per cent to 10.40 per cent, and is also offering lower processing charges at 0.25 per cent of the loan amount subject to a maximum of Rs 1,000 during the campaign period.
Interest on housing loans will be 10.20 per cent for loans up to Rs 75 lakh and 10.30 per cent for loans above Rs 75 lakh. The rate of interest is on floating basis and applicable for all tenors. The interest is calculated on daily reducing balance method.
For instance, for a Rs 1 lakh loan, the customer has to pay an EMI of Rs 892 for a 30-year housing loan.Similarly, for every Rs 1 lakh the customer has to pay an EMI of Rs 1,681 only for a seven-year tenor car loan.
In view of the good response received from customers, SBH had extended the Deposit Scheme, SBH 150 Days, up to January 31, according to a release.Business Line
