Interest Rates on Loans / Advances
The interest rates on loans and advances have been revised. As such, the following will be our lending rates effective from 13.01.2023: (On loans and advances sanctioned on or after 14.01.2023) :
1. Housing loans (only for
construction / purchase of house / flat)
Rate of interest p.a.
For Construction of house/purchase of new flat
8.99%
For purchase of used(old) house/flat
9.25%
2. Loans for purchase of Four wheelers (other than goods carrier) for personal use
(a) New cars (upto 75% of cost)
8.50%
(b) Used cars
i. used upto 3 years - 65% of purchase price/valuation whichever is less
10.50%
ii. used for 3 – 5 years - 50% of purchase price/valuation whichever is less
11.50%
3. Loans for purchase of Four wheelers for commercial use
(a) New cars (upto 75% of cost)
11.00%
(b)Used cars
i. used upto 3 years - 60% of purchase price/valuation whichever is less
11.50%
ii. used for 3 – 5 years - 50% of purchase price/valuation whichever is less
12.50%
4. Loan for two wheelers/Three wheelers - 11.50%
5. Loan for Trucks
(a) New Trucks (upto 75% of cost)
13.70%
(b) Used Trucks
i. used upto 5 years - 50% of purchase price/valuation whichever is less
14.50%
6. Loans to Professionals
Upto Rs.25 lac
10.50%
Above Rs.25 lac
11.00%
7. Jewellery loans
Upto Rs.1 lac
9.50%
Above Rs.1 lac
9.75%
8. Loans to Builders/Commercial Real Estate Developers - 13.00%
9. Other Secured Loans & Advances for business purpose/mortgage loans for any purpose
(i) Upto and inclusive of Rs.2 lac
10.75%
(ii) Above Rs.2 lac upto Rs.5 lac
11.50%
(iii) Above Rs. 5 lac upto Rs.10 lac
12.00%
(iv) Above Rs. 10 Lacs
12.50%
10. Unsecured Loans and Loans for consumption purpose
Repayment by
(i) Salary deductions/ Salary transfer
10.00%
(ii) ECS/SI
10.00%
(iii) Without above arrangement (upto Rs 3.00 lakh only)
13.00%
11. Loans on deposits
Upto 85% of deposit
- 1% above deposit rate
However, concession in interest rates may be allowed or higher rates of interest may be prescribed by the Board/Executive Committee of Directors at its discretion or on the basis of credit rating, past repayment record of the borrower, risk factors etc., for specific loan/advance accounts. In such cases, the rates of interest as per sanction orders shall be applicable. Where concession in rate of interest is allowed on existing loan A/cs, the same rate of interest shall be retained.
Please ensure that the above interest rates are implemented properly. The above rates of interest may also be made applicable to loans classified under standard assets on request from the concerned borrowers, and after obtaining sanction from the sanctioning authority.
