The State Bank of Travancore has offered home loan business a great hike by offering home loans at 8% for one year as against the current rate of 10.25%. The home loan applications will also be available on the net now.
SBT managing director A K Jagannathan said that the twin moves were expected to provide a shot in the arm for the banks home loan business as well as giving a stimulus to the housing sector.
Additionally, the bank will offer car loans to customers at 10% for one year, as against the existing rate of 11.5%.
Mr. Jagannathan said that the special interest rates for one year would revert to the existing rate after the term, and the new rates would depend on the prime lending rates existing at that time.
He added that SBT was working on strategic initiatives and new businesses and was aspiring to be one of the top five banks in the country. Towards this end, mobile banking business was also on the banks radar.
SBT is the leader in Kerala in NRI remittances and the bank has so far recorded remittances to the tune of Rs 13,000 crore this fiscal. Mr. Jagannathan said SBT was also the fourth largest among banks in the country in the car loan portfolio.
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