Bangalore, Feb 9: Public Sector Bank, Vijaya Bank, has reduced interest rates on a wide range of its loan schemes effective from February 15.
It has effected a 25 bps decline in floating rate on its housing loans up to Rs 20 lakh to nine per cent, under education loan, the rate of interest has been rationalized and brought down by 50 bps to 11.5 per cent, a bank press release said here today.
Interest rates on various schemes under the MSME and SGSY sectors have also been brought down in the range of 50-150 bps.Further, the Bank has also rationalized interest rates on its corporate vehicle loans at 10.5 per cent.
Under agricultural advances, interest rates on loans above Rs 50 lakh have been revised downward by 100 bps. Interest rates on select deposit categories have also been rationalized in tune with the ALM requirements and for improving the core deposits further.