Date:21/08/2004 URL: http://www.thehindubusinessline.com/2004/08/21/stories/2004082100931900.htm

Back SBI cuts interest rates as 'Onam gift'

Our Bureau

KOCHI: State Bank of India (SBI) has reduced interest rates on housing loans to 7 per cent and car loans to 8 per cent as an `Onam gift.'

SBI has also waived processing charges for housing, car personal and festival loans as well as for express credit, SBI, Kerala Circle, for those who avail the special offer during August 16 to 28, a statement from the bank said here. Concessions are also available on other schemes such as Teacher Plus, Doctor Plus, Police Plus etc., the statement said.

SBI said as part of its thrust on agricultural lending during the fiscal, it plans to lend an additional amount of Rs 260 crore by March 2005. "Towards this, the bank is formulating various area-specific agricultural schemes in consultation with Nabard," it said.

The bank has also opened an NRI (non-resident Indian) Relationship Centre here to provide NRIs consultancy services in the area of investments.

The centre, set up at the bank's NRI branch at Ravipuram, will service all NRIs in and around Kochi free of cost irrespective of whether they are banking with SBI or not, SBI said.