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Federal
Bank revises loan terms
Our
Banking Bureau
10 September 2003
Kochi:
Federal Bank has revised the terms and conditions of its
housing loan product, cutting its interest rates further
and offering a bouquet of new and customer-friendly features.
The
bank has pegged its lowest housing loan interest rate
at a competitive 7.5 per cent per year. Also, housing
loans are now available for purchasing residential plots
as well.
The
bank has also introduced a new product called Home Plus
for its existing housing loan customers, offering long
repayment schedule and very low rate of interest.
Under
the Home Plus privilege personal loan, the customer will
be entitled to cash loans ranging up to Rs 10 lakh at
interest rates as low as 10 per cent.
Further,
the bank has also volunteered to waive 1 per cent in interest
rates for car, education and personal loans, provided
the customer had already availed of housing loan from
it.
 Other
highlights of the new scheme include free accident protection
policy up to Rs 5 lakh for all car loan borrowers.
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