Syndicate Bank has cut lending rates on loans to agriculture, small-scale industries and education. The reductions will be effective from August 1 and offer rates below the bank's PLR.
On agriculture loans, the bank will charge nine per cent (PLR minus 2.5 per cent) for loans upto Rs 50,000 and eleven per cent for loans above Rs 50,000 and upto Rs 2 lakh.
For SSI, the rates would be 10 per cent for loans upto Rs 50,000 and 11 per cent for loans above Rs 50,000 and upto Rs 2 lakh.
Education loans upto Rs 4 lakh would be charged at 10.5 per cent and above Rs 4 lakh loans at 10.5 per cent. The bank has also reduced its interest charges on housing loans with effect from July 15.
As per the new rates, it charges 8.25 per cent floating rate for housing loans upto five years.
