Corp Bank, Union Bank cut rates on home, car loans

Corporation Bank has decided to slash interest rates on home, car and educational loans with effect from September 1 for a three-month period. The state-run bank has also decided to waive the processing fee for these loans.

The bank's Chairman and Managing Director Ajai Kumar said the interest rates for Corp Home Housing loan for up to Rs 50 lakh would be 10.50 per cent.

The rates would be 10.75 per cent for loans up to Rs 1 crore and 11 per cent for loans exceeding Rs 1 crore.

The bank hitherto charged 11.25 per cent interest on home loans, he said. In case of vehicle loans, customers would be charged at 11.25 per cent for a five-year period.

The interest rate for auto loans with a tenure of 7 years would be 11.75 per cent as against 12 per cent charged so far, he said.

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Union Bank has also slashed interest rates on vehicle loans to 10.95 per cent (0-7 years) with immediate effect. Earlier the rates were in 2 slabs -12.50 per cent (0-3 years) and 13.50 per cent (3-5 years).

Kumar said the bank has launched Corp Doctor Plus scheme for medical professionals, under which any registered medical can avail loans at 12.10 per cent interest rate against the existing rate of 12.60 per cent.