Central Bank Cuts Home, Car Loan Rates

Central Bank of India has slashed interest rates on home loans and car loans by 10 basis points and 150 bps, respectively.

The public sector lender has also reduced the interest rate on personal loans and loans against gold by up to 200 bps and 100 bps, respectively.

The new interest rates are effective from September 1. The bank has waived processing charges on retail advances.

While Central Bank’s home loans up to Rs 30 lakh will continue at its base rate of 10.50 per cent, the new rates in the above Rs 30 lakh to Rs 75 lakh, and above Rs 75 lakh to Rs 15 crore buckets will be 10.65 per cent (against 10.75 per cent earlier) and 10.90 per cent (against 11 per cent earlier), respectively.

The reduced interest rates on home loans have also been extended to the existing borrowers, the bank said in a statement.

Car loans will come at 11 per cent, against 12.50 per cent earlier.

Loans for buying old/second-hand cars will be given at 12 per cent against 13.50 per cent earlier.