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PR Log - ICICI Bank cuts home_ car loan rates

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					PR Log - Global Press Release Distribution




                                             ICICI Bank cuts home, car loan rates

       By www.deal4loans.com
       Dated: Apr 22, 2010

       The battle for home and car loans is getting hotter. ICICI Bank has taken on HDFC and State Bank of
       India (SBI), cutting rates by 50 to 75 basis points.

       The battle for home and car loans is getting hotter. ICICI Bank has taken on HDFC and State Bank of India
       (SBI), cutting rates by 50 to 75 basis points.

        It has reduced rates on home loans by 50 basis points, launching a new home loan scheme that charges
       8.25 per cent for the first year and 9 per cent for the second. From the third year, the bank will charge the
       then prevailing floating rate.

        The bank’s car loans are also 75 basis points cheaper at 9.5 per cent fixed for three years. If the car has a
       good resale value, the rate of interest will be even lower at 9.3 per cent.

        The new car and home loan schemes are available till the end of April, after which the rates will be
       reviewed. The schemes are open to ICICI Bank’s salary account and savings account holders. The special
       rates are being offered to other customers on request.

        ICICI Bank did not respond to queries on the bank’s new home and car loan schemes.

        Last week HDFC introduced a similar product at reduced rate of interest with a fixed and floating
       component. HDFC said it was introducing the special home loan scheme due to a fall in the cost of funds
       and success of its earlier special package. The ICICI Bank rates match those of HDFC special home loan
       scheme.

        For car loans, ICICI Bank also has tie-up with a host of dealers and manufacturers, which enables them to
       offer competitive rates.

        Under its regular home loan scheme, ICICI Bank offers floating rate of 8.75 per cent for loans up to Rs 30
       lakh, 9 per cent for loans between Rs 30 lakh and Rs 50 lakh and 9.25 per cent for loans above Rs 50 lakh,
       which is similar to the HDFC scheme.

        The reduction in rates by private players came after SBI decided to launch a revised version of its special
       home loan scheme up to April 30. Under SBI’s new home loan scheme that is open till April 30, the bank
       charges 8 per cent for the first year and 8.5 per cent for next two years. For loans over Rs 30 lakh, SBI
       offers 8 per cent for the first year and then 9 per cent fixed for the next two years.

        Know more About ICICI Products:

        http://www.deal4loans.com/loans/car-loan/icici-bank-car-loans/
        http://www.deal4loans.com/icici-hfc-home-loan.php

       ###

       Deal4loans.com is a completely independent Loan comparison service and our directory of lenders gives
       you all the information you need about the online loan companies you are considering and what they offer.


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PR Log - Global Press Release Distribution




Category           Finance, Loans, Business
Email              Click to email author
Country            India




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