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HDFC and Bank of India announce cut in lending rates
Posted on: 04/Jan/2017 1:06:30 PM
Prime Minister Narendra Modi in a televised address on New Year`s eve has asked the banks to reduce the interest rates on loans. Accordingly HDFC and Bank of India has reduced the interest rates on loans.
The moves comes a day after State Bank of India (SBI), the largest lender in the housing finance market reduced its home loan rates.
Now HDFC and Bank Of India has reduced the interest rates on loans. HDFC has lowered lowered their lending rates by up to 0.9 percent. HDFCs marginal cost of funds based lending rate, is now 8.50 per cent, down 0.75 per cent.
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