Dena Bank joins lending rate cut spree

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Pricing on car loans without the combo offer has been cut by 1 per cent to 11 per cent. (Reuters) Pricing on car loans without the combo offer has been cut by 1 per cent to 11 per cent. (Reuters)
SummaryThe bank will offer home loans up to Rs 1 crore at base rate of 10.25 per cent

Mid-sized public lender Dena Bank joined its larger peers today in trimming lending rates on a slew of products following nudging from the Finance Ministry.

The bank will offer home loans up to Rs 1 crore at base rate of 10.25 per cent and those above it at the interest rate of 10.50 per cent.

It is offering a combo loan for car and consumer durables with housing loan. Car loans with housing one will be offered at 10.25 per cent up to Rs 1 crore and at 10.50 per cent above Rs 1 crore.

The government lender is offering consumer durable loans along with housing credit at 11.75 per cent.

Pricing on car loans without the combo offer has been cut by 1 per cent to 11 per cent.

Earlier in the day, SBI slashed interest rates on car and consumer goods loans apart from lowering processing fees to cash in on festival season demand.

Yesterday PNB, OBC and IDBI Bank had lowered their rates for loans to buy automobiles and consumer durables.

The decision to cut interest rates on auto and consumer durable loans comes nearly a week after government decided to pump in funds in PSU banks to enable them to lower rates to stimulate demand in the targeted sector.

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