Syndicate Bank cuts housing and auto loans

MUMBAI: A day after country's largest private lender ICICI Bank reduced auto loan rates, Syndicate Bank today slashed interest rate on housing and vehicle loans for a limited period up to March 2010.

Under the scheme, the bank will provide housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh, Syndicate Bank said in a statement.

The prime lending rate (PLR) of bank stands at 12 per cent. Home loan is available at PLR minus up to 2.5 per cent.

For vehicles loan under Synd Vahan scheme, customers can avail loan for four wheeler at 9 per cent for the first year and second and third year customers have to pay 9.5 per cent, it said.

Interest rate after third year would be prime lending rate (PLR) minus one per cent subject to a maximum of 10.5 per cent, it said.

Currently, four wheeler loan is available at PLR which is 12 per cent.

ICICI Bank, yesterday, reduced auto loan interest rates by 50 basis points to 10.75 per cent