Mumbai: State-run Syndicate Bank on 18 February reduced its lending rates on housing loans, consumer credit and loans to women entrepreneurs.
The rate cuts are in 0.25-1.5% range, effective 18 February, a release said here.
Interest rate on housing loans has been reduced by 0.25% for loans up to Rs20 lakh, while 1% rate cut has been effected on loans offered under the ‘Synd Mahila’ scheme to women entrepreneurs.
To increase flow of credit to small-scale industries and small and medium enterprises, interest rate has been reduced in the range of 0.25 per cent to 1 per cent, depending upon the rating of the clients, the bank said in the release.
The Karnataka-based bank has also reduced its interest rate by 1.50 per cent for consumer credit (both personal and consumer durables) extended to salaried class where salary is credited to the bank’s account.
“With these reductions, the bank offers competitive rates to various segments of society to give a boost to the housing sector as well as to productive sectors for overall growth in the economy and employment generation,” the release added.