| Bank of India has announced a reduction in rate of interest for educational loans up to Rs.7.50 Lacs by 1% (100 bps) to 11.50% p.a w.e.f Feb 1, 2008. |
| The bank has also reduced sharply rate of interest on various consumer loans by 2.50% (250 bps) w.e.f Feb 1, 2008. The effective rate now will be 13.25%. |
| Home Loan up to Rs 20 Lacs with tenor above 5 years have been made more attractive by 25 bps reduction in rate of interest across the board w.e.f Feb 1, 2008. |
| Effective rates will be, |
| Tenor ROI (%) |
| 5-10 years 9.75 |
| 10-15 years 10.00 |
| 15-20 years 10.25 |
| Interest rate on vehicle loans coming under the consumer loan category have also been reduced by 25 bps wef Feb 1,2008 and the effective rates are 11.50% (up to 3 years) to 11.75% (above 3 years). |
Explore Business Standard