IDBI Bank introduces repo-linked home and auto loans

Suvidha Plus Home Loan will be offered for up to Rs. 75 Lakh with a tenor of up to 35 years

IDBI Bank on Friday said it will introduce two Repo Linked Products -Suvidha Plus Home Loan and Suvidha Plus Auto Loan from September 10.

The new Home Loan and Auto Loan products will be offered to new customers having good credit score and minimum income of Rs. 6 lakh per annum, the bank said in a statement.

The Suvidha Plus Home Loan will be offered for up to Rs. 75 Lakh with a tenor of up to 35 years.

The bank will also be offering balance transfer with top up facility under the new variant with nil processing fees. Currently, the interest rate on home loan is from 8.30 per cent onwards.

The Suvidha Plus Auto loan will be offered for up to Rs. 25 lakh covering the on road price with a tenor of up to 7 years. The loan will be extended exclusively for new four-wheeler loans. Currently, the interest rate on Auto loan is from 8.90 per cent onwards.

To promote green initiative, additional discount of 10 basis points will be offered for purchase of electric car under Suvidha Plus Auto Loan.

Rakesh Sharma MD & CEO, said, “Our retail segment loan book is growing at 19% year on yeat and this measure will surely help us to improve the business under the segment.”

[“source=thehindubusinessline”]

Author: Loki