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IDBI Bank launches repo-linked home, auto loans

The lender is offering home loan for up to Rs 75 lakh with a tenor of up to 35 years. The interest rate on home loan will be from 8.30 per cent per annum onwards, currently, the bank said in a statement. 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 4 wheeler loans. Currently, the interest rate on auto loan will be from 8.90 per cent per annum onwards.

“Our retail segment loan book is growing at 19 per cent year-on-year and this measure will surely help us to improve the business under the segment,” its managing director and CEO Rakesh Sharma said. The banks customers will have the twin option of selecting either the MCLR linked product or the newly launched repo rate linked product. The revised rates are applicable from September 10, 2019.

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