Moneycontrol Bureau
At the onset of the festival season starting with Ramzan Id celebration, due next Friday, the private sector lender Federal Bank introduced a special scheme for home loans offering an uniform rate of 10.25 percent irrespective of any amount and tenure.
The bank is observing a loan festival commencing from August 5 and will continue till September 30, 2013. It is christened as "My Home My Car Festival".
At the same time, the lender is offering car loan at a similar rate of 10.25 percent. No processing fee will be levied on housing loans and car loans during the festival period.
"Special Loan stalls will be put up in different centers in Kerala; they will facilitate spot sanction of loans. Customers can also avail various top-up loans linked to their housing loans at concessional rates. Special house warming loan to celebrate the auspicious occasion will also be available," Federal Bank said in a release.
The bank expanded its loans at a slower pace of about 8 percent y-o-y to Rs 41,263 crore. However, retail loans grew 21 percent to Rs 13,200 crore while loans to small and medium enterprises (SMEs) rose 20 percent.
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