On Tuesday a statement was released by the Central Bank of India in which it was stated in case of housing loans, the floating interest rate has been reduced by 25 basis points to 9.25 percent and by 50 basis points on the fixed rate to 10 per cent.
The public sector lender Central Bank of India also stated that seeing the slow down in industrial growth and to encourage the consumer demand the bank has reduced interest rates on retail loans.
However the interest rate on educational loan has been reduced by 50 basis points to 12 per cent for boys and 11.5 per cent for girl students. The bank has further reduced the interest rate for IIT and IIM students, to 11.5 per cent for boys and 11 per cent for girls.
While for scheduled caste, scheduled tribe and minority students, the interest rate is 11 per cent for male/female students of IITs and IIMs.
In case of other retail loans the bank said the interest rates have been reduced between 50 and 200 basis points. The revised interest rates will come into effect from April 1, 2008 and will be applicable to the new accounts only.
Public Sector, Vijaya Bank has finally brought down interest rates on a wide range of its loan schemes, effective from February 15, 2008. While it has effected a 25 basis points (bps) decline in floating rate on its housing loans up to Rs 20 lakh to 9%, under education loan, the rate of interest has been rationalized and brought down by 50 bps to 11.5%.
Further, interest rates on various schemes under the MSME and SGSY sectors have also been brought down in the range of 50-150 bps.
Under agricultural advances, interest rates on loans above Rs 50 lakh have been revised downward by 100 bps. The bank has also rationalized interest rates on its corporate vehicle loans at 10.5 %.
Last month, Vijaya Bank unveiled its plans to set up branches in China, Hong Kong, Malaysia and Dubai. The bank has already submitted its proposal to the Reserve Bank of India (RBI), seeking its permission to start the overseas branches.
The bank has also planned to open branches at 15 places in Tamil Nadu by the end of the current financial year. In Q3 FY08, The bank has reported net profit of Rs 126.88 crore versus Rs 92.73cr, up 36.83% on YoY basis.
Although anyone thinking about taking a loan out needs to give careful consideration to affordability and ne
In the India you will find a number of lenders that are able to offer education loans and career development loans, and these can prove to be an effective and valuable solution to paying for a better education and improving your skills, knowledge, and ultimately your job prospects.
An education or career development loan can be used to fund a number of courses. You may wish to pursue your further education full time by going back to college, you may be looking to study on a distance learning basis, or you may be looking to attend a course such as IT. It sometimes become necessary to compare education loan rates before deciding a right path for your career. Whatever you are looking to do in terms of improving your skills, knowledge, education, and qualifications, you will find a number of solutions open to you including the availability of standard bank loans in addition to specialist educations loans and career development loans.
IT education provider NIIT on Monday signed an agreement with Oriental Bank of Commerce (OBC) to offer loan facilities to students enrolling for its courses.
As per the agreement, OBC would provide financial assistance to NIIT students in the form of educational loans of up to Rs 1.24 lakh for career programmes of over one-year duration.
The loan would be sanctioned as per the educational loan scheme of OBC and would also come with a free personal accident insurance of up to Rs 15 lakh.
Besides, the bank also offers loans of up to Rs 2 lakh to working executives for management programmes from NIIT Imperia.
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