Federal Bank revises loan terms
By Our Banking Bureau | 10 Sep 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.