Syndicate Bank cuts lending rates

{image-syndicate bank_15022008.jpg news.oneindia.in}Bangalore, Feb15: Public sector bank Syndicate Bank has reduced the lending rates on Housing Loans, SSI and SME Loans, Consumer Credit and Loans to women entrepreneurs ranging from 0.25 per cent to 1.50 per cent effective from February 18.

The interest rate on Housing Loans reduced by 25 basis points for loans upto Rs 20 lakhs. To increase flow of credit to Small Scale Industries and Small and Medium Enterprises, the bank has decided to reduce rate of interest from 25 basis points to one per cent depending upon rating of the clients, a bank press release said. To encourage women entrepreneurs, interest rates have been reduced by one per cent on the loans offered under Bank's 'Synd Mahila' Scheme.

Syndicate Bank has reduced its interest rate by 1.50 per cent for consumer credit (both personal loans and consumer durables) extended to salaried class where salary is credited to Bank's account.

With these reductions, Bank offers competitive rates to various segments of the society to give a boost to Housing Sector as well as to Productive Sectors for overall growth in the economy and employment generation. The Bank hopes that with interest rate reductions, there will be additional credit flow to these sectors.

UNI