The Hindu Business Line : SBT to reduce home, car loan rates

Thiruvananthapuram, Feb. 25 State Bank of Travancore (SBT) has announced that it is reducing interest rates on home loans and car loans for a period of one year.

Speaking at the launch of two new Internet-based services here on Wednesday, Mr A.K. Jagannathan, Managing Director, SBT, said that the bank is reducing the interest rate on housing loans to 8 per cent for one year. Similarly, the interest rate on car loans will be reduced to 10 per cent for one year. However, he did not say when the revised rates of interest would come into effect.

Declaring that SBT wants to be among the top 5 banks in the country, Mr Jagannathan said that it is looking at launching mobile banking services for its customers. The bank has also decided to launch SMS alerts for customers who are pensioners. Pensioners who give the bank their mobile number will receive an SMS alert when their pension is credited, he explained.

SBT has so far received NRI remittances of over Rs 13,000 crore during the current fiscal, Mr Jagannathan said. This is a record for the bank, he added.

Meanwhile, the bank also launched online shopping services and has also started accepting home loan applications through its Web site. Now, its Internet banking customers can buy a range of products from over 2,500 e-merchants through the SBTOnline Web site.

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