New Delhi, Accelerating its retail banking strategy IDBI Bank has increased lower home loan slab upto Rs 35 lakhs. The bank has also linked auto loan and personal loan interest rate to credit score.
According to a bank statement, the home loan slab has been revised from existing Rs 30 lakhs to Rs 35 lakhs. IDBI Bank now offers interest rate of 8.5 per cent p.a. (6 months MCLR+0.05 per cent) for Housing Loans up to Rs. 35 lakhs.
A 5 bps discount is offered on card rate for woman and salaried borrowers. Further, a maximum 15 BPS concession is also available based on credit score of the borrower. The home loans are linked to 6 months MCLR with half yearly reset clause.
On the auto and personal loans front, IDBI Bank has introduced risk based pricing thereby offering attractive rates for customers with good credit profile.
The interest rate starts from 8.90 per cent p.a to 9.50 p.a in auto loan and from 12 per cent p.a. to 14 per cent p.a in personal loan. Based on the credit score, the lower interest rates are offered to customers with higher credit score.
Commenting on this, Jorty Chacko, Executive Director, Retail Banking Group, IDBI Bank, “I am confident that the realignment of home loan amount and interest rate will have positive impact on home loan growth especially in the affordable housing segment.
Our second initiative of linking auto and personal loan to credit score is a step towards bank’s commitment to offer finer rates to its good customers besides maintaining credit quality.”
