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Prevailing Bank Interest Rates for Housing Loan, Vehicle Loan and Education Loan

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Prevailing Bank Interest Rates for Housing Loan, Vehicle Loan and Education Loan 

Prevailing Bank Interest Rates for Housing Loan, Vehicle Loan and Education Loan – Minister replies in Parliament

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

LOK SABHA

UNSTARRED QUESTION NO 1381

ANSWERED ON 18.07.2014
VARIATION IN INTEREST RATES

1381 . Shri A.T. (NANA) PATIL, RAJIV PRATAP RUDY, SUNIL KUMAR SINGH

Will the Minister of FINANCE be pleased to state:-

(a) whether the Government has taken note of different rates of interest charged on home/car/education loans etc. by public/private sector banks across the country;

(b) if so, the details thereof along with the present lending rate of interest being charged on the said loans, bank-wise;

(c) the reasons for variation in lending rates of interest offered by the public and private sector banks;

(d) whether Reserve Bank of India (RBI) has framed any guidelines to regulate lending rate of interest on various loans offered by the public/private sector banks, and if so, the details thereof; and

(e) whether the Government/RBI proposes to issue instructions to all the banks to offer various loans to the consumers at a uniform rate of interest, and if so, the details thereof and if not, the reasons therefor?
ANSWER

The Finance Minister (SHRI ARUN JAITLEY)

The interest rates on housing, vehicle and education loans provided by banks may differ from bank to bank, but for a particular bank, they would be uniform across the country. The bank-wise interest rates on housing, vehicle and education loans of Public and Private Sector Banks as on May, 2014 are at Annex.


The lending rates of banks have been deregulated and these rates are determined by the banks themselves based on their commercial judgment, as approved by their respective Boards. The lending rates charged to borrowers are based on their ‘base rates’ plus customer specific charges as considered appropriate, after factoring in spread, risk premia, term premia, etc. It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variations in their costs, business models, margins etc. Reserve Bank of India has advised Boards of banks to lay out appropriate internal principles and procedures so that usurious interest (including processing and other charges) are not levied by them on loans and advances.


Annex

Statement referred in respect of Part (b) of Lok Sabha Unstarred Question no. 1381 for 18.7.2014 raised by Shri  A.T. Nana Patil: Shri Rajiv Pratap Rudy: Shri Sunil Kumar Singh regarding “ Variation in Interest rates”

Table: Bank-wise Lending Rates for Select Sectors – May 2014

Sr.No
Banks
Housing
Vehicle
Education
Rate of Interest
Interest Rate for 60 percent or more business
Rate of Interest
Interest Rate for 60 per cent or more business
Rate of Interest
Interest Rate for 60 per cent or more business
Public Sector Banks
Min
Max
Min
Max
Min
Max
Min
Max
Min
Max
Min
Max
1
Allahabad  Bank
10.25
13.25
11.00
11.00
10.75
13.25
10.95
12.25
11.75
13.50
13.25
13.25
2
Andhra   Bank
10.25
14.50
10.25
11.50
11.25
16.50
11.25
14.50
11.75
15.00
11.75
13.00
3
Bank  of  Baroda
10.25
10.25
10.25
10.25
10.50
10.50
10.50
10.50
12.00
12.75
12.00
12.75
4
Bank  of  Maharashtra
10.40
12.00
10.40
12.00
10.40
15.50
10.40
12.50
12.25
13.25
12.25
13.25
5
Bank of India
10.75
17.00
10.75
11.75
10.20
14.50
12.75
13.25
13.25
14.25
13.25
13.50
6
Canara  Bank
10.45
14.50
10.45
14.20
12.75
13.50
12.75
13.50
11.20
16.50
11.20
14.00
7
Central  Bank  of  India
10.00
16.25
10.00
15.25
10.00
16.25
10.00
15.25
10.00
16.25
10.00
15.25
8
Corporation  Bank
10.25
16.30
10.50
14.10
10.25
13.75
12.50
13.60
10.25
12.85
10.90
12.60
9
Dena  Bank
10.25
16.75
10.25
11.75
10.25
16.75
10.95
11.80
10.25
16.75
10.25
12.00
10
IDBI Bank
10.25
23.00
10.25
11.90
3.00
22.25
9.75
10.25
4.00
18.50
10.75
13.00
11
Indian  Bank
9.50
13.20
9.50
12.20
10.25
14.45
10.25
11.45
12.00
12.50
12.00
12.50
12
Indian  Overseas  Bank
10.25
11.25
10.25
11.25
10.75
10.75
10.75
10.75
12.00
13.50
12.25
13.50
13
Oriental  Bk. of  Commerce
8.00
16.75
10.25
12.50
8.00
17.00
10.85
13.00
8.75
15.00
12.75
13.00
14
Punjab  National  Bank
10.75
13.25
11.00
13.00
12.25
14.75
12.25
14.00
11.75
14.25
13.00
14.00
15
Punjab & Sind Bank
10.50
13.00
10.50
12.25
11.00
13.25
11.00
13.25
12.25
14.50
12.25
13.50
16
State  Bank  of   Hyderabad
4.00
19.00
10.00
13.45
4.00
20.65
10.30
14.75
4.00
17.20
10.00
10.00
17
State  Bank  of  B & J
7.50
13.25
8.50
13.00
7.00
18.25
7.00
14.00
4.00
14.25
4.00
13.50
18
State  Bank  of  India
4.00
14.00
9.00
11.00
6.00
20.00
10.50
12.00
8.00
15.00
13.00
15.00
19
State  Bank  of  Mysore
5.00
14.50
10.25
12.00
10.75
17.50
11.00
12.75
12.00
14.25
12.00
13.50
20
State  Bank  of  Patiala
6.00
14.75
10.25
10.50
7.00
17.00
11.50
14.75
12.00
13.00
12.00
13.00
21
State  Bk. of  Travancore
10.25
14.50
10.25
11.00
10.25
14.00
11.00
12.50
13.25
14.00
13.75
14.00
22
Syndicate  Bank
10.25
10.65
10.25
10.50
13.00
14.00
13.75
14.00
11.50
13.00
12.75
13.00
23
UCO  Bank
10.50
13.25
10.50
12.00
12.50
14.25
12.60
13.75
4.00
14.25
4.00
12.50
24
Union  Bank  of  India
10.25
11.00
10.25
11.00
10.70
15.00
11.50
14.25
11.75
12.50
12.00
12.25
25
United Bank  of  India
10.50
10.80
10.50
10.80
12.05
12.55
12.05
12.55
12.25
13.00
12.25
13.00
26
Vijaya  Bank
4.00
18.75
8.00
12.75
8.50
20.00
10.00
13.25
10.25
15.75
10.50
14.75
Private Sector Banks
27
Axis  Bank  Ltd.
6.00
13.25
6.00
10.30
8.00
16.75
8.00
10.75
8.00
18.25
8.00
12.75
28
Catholic Syrian Bank  Ltd.
8.00
14.25
10.00
11.50
9.00
15.25
11.00
12.50
9.50
17.75
14.00
16.25
29
City  Union  Bank  Ltd.
4.25
19.25
11.00
13.00
8.25
13.50
8.25
12.00
10.00
18.75
14.25
15.75
30
Development Cr.Bank Ltd.
11.00
14.00
11.00
13.00
11.00
15.00
12.00
14.00
12.00
14.00
12.00
14.00
31
Dhanalaxmi  Bank  Ltd.
5.00
23.25
8.00
17.75
5.00
28.25
9.75
19.75
8.50
23.85
13.00
18.00
32
Federal  Bank  Ltd.
10.55
12.55
10.55
12.00
10.55
16.30
10.55
12.30
10.55
15.55
14.30
14.55
33
HDFC  Bank  Ltd.
9.74
11.11
9.75
11.09
10.01
22.01
10.01
16.00
11.00
14.00
11.00
14.00
34
ICICI  Bank  Ltd *
7.25
17.00
10.25
11.25
8.75
17.50
10.50
11.75
10.00
20.00
10.00
18.75
35
Indusind  Bank
9.25
12.50
11.00
11.00
21.00
27.00
23.00
24.00
10.00
16.75
10.00
12.00
36
ING  Vysya  Bank  Ltd.
2.75
18.35
10.85
13.00
6.78
18.10
11.00
12.50
10.80
20.35
19.30
19.35
37
J & K  Bank  Ltd.
4.50
17.00
10.50
15.00
7.75
16.00
10.75
14.50
7.00
16.00
11.50
13.50
38
Karnataka  Bank  Ltd.
4.00
15.25
10.75
11.25
11.25
19.85
13.50
15.75
12.25
15.25
13.25
15.25
39
Karur Vysya Bank Ltd.
11.50
11.50
11.50
11.50
12.00
16.00
12.00
13.25
13.50
15.00
13.50
14.75
40
Kotak Mahindra Bank
11.89
18.53
12.25
14.94
10.18
13.51
10.54
12.10
9.84
16.78
10.50
13.84
41
Laxmi  Vilas  Bank  Ltd.
11.25
20.35
11.25
16.25
12.25
20.35
12.50
16.75
11.25
20.35
11.25
20.35
42
Nainital Bank
10.25
13.75
10.25
12.50
10.50
13.25
11.50
13.25
12.25
15.75
12.25
14.25
43
Ratnakar  Bank  Ltd.
11.00
22.00
11.00
16.25
11.00
20.00
11.00
17.25
11.00
17.25
11.00
17.25
44
South  Indian  Bank  Ltd.
10.50
15.00
10.50
14.15
11.00
14.90
11.50
14.90
12.00
16.50
14.00
16.40
45
Tamilnad  Merc. Bk. Ltd.
11.75
15.50
11.75
13.25
12.75
16.75
12.75
14.75
13.50
14.50
13.75
14.25
46
Yes Bank Ltd
10.50
14.56
10.66
11.12
6.65
13.77
8.81
10.94
nil
nil
nil
nil

Post a Comment

2 comments:

  1. UnknownSeptember 23, 2014 at 5:53 PM

    OMG such a big list!!!!! Awesome! You have covered each and everything. You need to make that table small in size, as I'm using my PC I am not able to title of third column.Vehicle Loan is also know as car loan.

    ReplyDelete
  2. Ajit KumarSeptember 23, 2014 at 8:23 PM

    Sir, please see the link
    https://drive.google.com/file/d/0B3G8Kre-V8XFdFcxZWk5MXNKZkk/edit?usp=sharing

    ReplyDelete

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