Concessional or limited period loan regime, popularly called teaser rates are coming to an end. Public sector banks like State Bank, Punjab National Bank and Bank of India which offered low interest rates for in initial years to draw new customers have decided not to extend their schemes beyond March (or even earlier).
SBI has been offering Auto and Home loans at as low as 8% interest with limited period offers are also open till end of March only. ‘My home campaign’, a special scheme by SBI. SBI home loans Scheme offers (up to Rs.5 lac) at 8 per cent interest rate during the first five years of a 10-year loan. Above Rs.5 lac and up to Rs.50 lac, the interest rate is fixed at 8% during the first year and 8.5% during second and third years.
M Narendra, executive director, Bank of India said, “Our scheme is valid till February. We may not continue the scheme post-February.” He even said that the scheme was launched for a limited period and had served its purpose.
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