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Chennai, Feb 11 Bank of India has cut home loan rates by a quarter percentage point. The bank has effected the reduction for home loans up to Rs 20 Lakhs with tenor above 5 years with effect from February 1. The new rates will be 9.75 per cent for 5-10 years, 10 per cent for 10-15 years and 10.25 per cent for 15-20 years.

The bank also announced a reduction in rates on educational loans up to Rs 7.50 lakh by one percentage point to 11.50 per cent per annum with effect from February 1.

Consumer loans will be cheaper by 2.5 percentage points to 13.25 per cent.

Rates on vehicle loans have been reduced by a quarter percentage point. The effective rates are 11.50 per cent (up to 3 years) to 11.75 per cent (above 3 years).

More Stories on : Interest Rates | Public Sector Banks

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