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Bank of India reduces home, education loan rates, PLR unchanged

Bank of India reduces home, education loan rates

Apnaloan.com Research Bureau

12 Feb 2008

Bank of India (BOI), a public-sector bank has reduced interest rates by 25-250 basis points on retail loans like education, personal and home loans. The new rates will be effective from February 1.

But, the Prime lending Rate (PLR) remains unchanged, at 13.25 per cent.

The bank currently charges an interest rate of 9.50 per cent for home loans up to Rs. 20 lakh. The revised rate is 9.25 per cent.

Home loans with a tenure of 5-10 years had an interest rate of 10 per cent; the new rate is 9.75 per cent. The interest rate for housing loans for 10-15 years was at 10.25 per cent; 10 per cent is the revised rate. For home loans of 15-20 years, the rate of interest was 10.50 per cent, now reduced to 10.25 per cent.

Bank of India (BoI) has slashed rates on its educational loans up to Rs 7.5 lakh by 1 per cent from 12.50 per cent to 11.50 per cent.