For loans between Rs 30 lakh to Rs 3 crore, the floating rate of interest would be 10.50 per cent against the earlier rate of 11.50 per cent, the bank said in a statement. The new rates of interest will be applicable for fixed rate loans for one and two years as well, the bank said.
For a fixed rate loan that runs into three years, the new offering is at 10.50 per cent for loans below Rs 30 lakh, and 10.75 per cent for those above Rs 30 lakh and up to Rs 3 crore, it added.
While bank has not mentioned anything about auto loan rates. Earlier, the state bank of India had cut its base rates after RBI's credit policy. IDBI, Oriental Bank of Commerce followed and slashed interest rate on home loans by up to 0.25%. IDBI Bank had decided to reduce its floating and fixed interest rates on housing loans. The revised rates were effective from September 7, 2012.