Dena Bank reduces rates on car, education loans by up to 2%
New Delhi: State-owned Dena Bank on Tuesday announced reduction in interest rates on car and education loans by up to 2 percent.
Interest rates on education loan have been reduced by 2 percent while those for car loans have been lowered by 1-1.50 percent, Dena Bank said in a statement.
The interest rate on education loans is reduced to 12 percent from 14 percent, it said.
Rates on car loans were reduced to 11-12 percent from 12.5 -13 percent.
Besides, the bank has also reduced rate on personal loans to 14 percent from 16 percent.
Yesterday, another public sector Punjab National Bank (PNB) slashed interest rates on home loan and car loans by up to 0.5 percent.
In the housing loan segment, PNB reduced the rate by 0.25 percent while interest rate on car loans was slashed by 0.5 percent.
Last week, Corporation Bank lowered interest rates on home, car and educational loans for a limited period of three months. The bank also decided to waive the processing fee for these loans.