Corporation Bank reduces lending rates

Mangalore-based public sector lender, Corporation Bank, has reduced its interest rates on housing, vehicle, education and personal loans with effect from May 4, 2009.

For housing loans up to Rs 30 lakh (Rs 3 million), the floating interest rates for various tenures range from 8.75 per cent to 10.25 per cent. For Rs 30 lakh (Rs 3 million) to Rs 50 lakh (Rs 5 million), the floating interest rates range from 9.50 per cent to 10.75 per cent and for Rs 50 lakh (Rs 5 million) and above, the floating rates range from 10 per cent to 11 per cent.

The revised fixed interest rates are 11 per cent and 11.50 per cent depending upon the loan amount.

Vehicle loans with a tenure of up to three years will carry a revised interest rate of 10.5 per cent, three to five years at 11 per cent and above five years to seven years at 11.25 per cent.

Education loans up to Rs 4 lakh (Rs 400,000) will be charged at 11.50 per cent, Rs 4 lakh (Rs 400,000) and above and up to Rs 7.50 lakh (Rs 750,000), at 13 per cent.

Above Rs 7.50 lakh (Rs 750,000), the interest rates are fixed at 11.50 per cent for secured and 13 per cent for unsecured loans.

Personal loans will carry interest rates of 13.5 per cent and 14.5 per cent depending upon the category of customers.