The Delhi based state owned lender Dena today announced to offer home loan at 8.25%, leaving behind industry leader SBI in terms of the cheapest loan rate offered by any player.
The country’s largest lender State Bank of India (SBI) in early November announced to give home loans at 8.3%, which was the lowest rate being offered by any bank so far.
Dena Bank’s offer is a part of the retail loan carnival that begins tomorrow and stretches until the end of this calender year. The ‘Dena Retail Loan Carnival’ promises offer loans in the range of 8.25% – 9%from November 16, 2017 to December 31, 2017.
The bank said the carnival is being launched to promote housing and vehicle loans. It would provide home loans up to Rs 75 lakh at 8.25% p.a. and car loans at 9% p.a..However, women borrowers would be offered car loans at 8.90 per cent.
Dena Bank said it would not charge any processing or documentation fee on the loans that will be processed during the carnival. Customers could contact any branch of Dena Bank for availing the loans, it said in a statement.
Would more Banks come up with such offers?