State-run Central bank of India will reduce interest rates on auto, personal and gold loans by up to 200 basis points effective Saturday, a report on CNBC-TV18 said.
The bank at present charges interest rates in the range of 14.5-15.5 percent on personal loans, 11.50-12.50 percent on auto loans and 12.50-13.50 percent on gold loans.
The move is expected to boost growth in the bank’s retail business.
Earlier this week, state-run Union Bank of India reduced interest rates on auto loans by 1.55-2.55 percent. Reuters
Recently, State Bank of India, the country’s largest lender, had cut its rates by up to 50 basis points on new home and auto loans.
According to a PTI report on 25 August, Central Bank of India is expected to cut rates by 25 to 50 basis points on home loans between Rs 30-35 lakh.
Earlier this week, state-run Union Bank of India reduced interest rates on auto loans by 1.55-2.55 percent.
Public sector banks are reducing lending rates on consumer loans in response to a call by Finance Minister Chidambaram to boost the demand in a sagging economy.
Consumers can look to cash in, if private sector lenders kickstart a rate cut war.
