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Different rates of interest charged on home/car/education loans by public/private sector banks

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The interest rates on housing, vehicle and education loans provided by banks may differ from bank to bank, but for a particular bank, they would be uniform across the country. The bank-wise interest rates on housing, vehicle and education loans of Public and Private Sector Banks as on May, 2014 are at Annex.
The lending rates of banks have been deregulated and these rates are determined by the banks themselves based on their commercial judgment, as approved by their respective Boards. The lending rates charged to borrowers are based on their ‘base rates’ plus customer specific charges as considered appropriate, after factoring in spread, risk premia, term premia, etc. It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variations in their costs, business models, margins etc. Reserve Bank of India has advised Boards of banks to lay out appropriate internal principles and procedures so that usurious interest (including processing and other charges) are not levied by them on loans and advances.

Annex

Statement referred in respect of Part (b) of Lok Sabha Unstarred Question no. 1381 for 18.7.2014 raised by Shri  A.T. Nana Patil: Shri Rajiv Pratap Rudy: Shri Sunil Kumar Singh regarding “ Variation in Interest rates”

Table: Bank-wise Lending Rates for Select Sectors – May 2014

(per cent)
Sr.No Banks Housing Vehicle Education
Rate of Interest Interest Rate for 60 percent or more business Rate of Interest Interest Rate for 60 per cent or more business Rate of Interest Interest Rate for 60 per cent or more business
Public Sector Banks Min Max Min Max Min Max Min Max Min Max Min Max
1 Allahabad  Bank 10.25 13.25 11.00 11.00 10.75 13.25 10.95 12.25 11.75 13.50 13.25 13.25
2 Andhra   Bank 10.25 14.50 10.25 11.50 11.25 16.50 11.25 14.50 11.75 15.00 11.75 13.00
3 Bank  of  Baroda 10.25 10.25 10.25 10.25 10.50 10.50 10.50 10.50 12.00 12.75 12.00 12.75
4 Bank  of  Maharashtra 10.40 12.00 10.40 12.00 10.40 15.50 10.40 12.50 12.25 13.25 12.25 13.25
5 Bank of India 10.75 17.00 10.75 11.75 10.20 14.50 12.75 13.25 13.25 14.25 13.25 13.50
6 Canara  Bank 10.45 14.50 10.45 14.20 12.75 13.50 12.75 13.50 11.20 16.50 11.20 14.00
7 Central  Bank  of  India 10.00 16.25 10.00 15.25 10.00 16.25 10.00 15.25 10.00 16.25 10.00 15.25
8 Corporation  Bank 10.25 16.30 10.50 14.10 10.25 13.75 12.50 13.60 10.25 12.85 10.90 12.60
9 Dena  Bank 10.25 16.75 10.25 11.75 10.25 16.75 10.95 11.80 10.25 16.75 10.25 12.00
10 IDBI Bank 10.25 23.00 10.25 11.90 3.00 22.25 9.75 10.25 4.00 18.50 10.75 13.00
11 Indian  Bank 9.50 13.20 9.50 12.20 10.25 14.45 10.25 11.45 12.00 12.50 12.00 12.50
12 Indian  Overseas  Bank 10.25 11.25 10.25 11.25 10.75 10.75 10.75 10.75 12.00 13.50 12.25 13.50
13 Oriental  Bk. of  Commerce 8.00 16.75 10.25 12.50 8.00 17.00 10.85 13.00 8.75 15.00 12.75 13.00
14 Punjab  National  Bank 10.75 13.25 11.00 13.00 12.25 14.75 12.25 14.00 11.75 14.25 13.00 14.00
15 Punjab & Sind Bank 10.50 13.00 10.50 12.25 11.00 13.25 11.00 13.25 12.25 14.50 12.25 13.50
16 State  Bank  of   Hyderabad 4.00 19.00 10.00 13.45 4.00 20.65 10.30 14.75 4.00 17.20 10.00 10.00
17 State  Bank  of  B & J 7.50 13.25 8.50 13.00 7.00 18.25 7.00 14.00 4.00 14.25 4.00 13.50
18 State  Bank  of  India 4.00 14.00 9.00 11.00 6.00 20.00 10.50 12.00 8.00 15.00 13.00 15.00
19 State  Bank  of  Mysore 5.00 14.50 10.25 12.00 10.75 17.50 11.00 12.75 12.00 14.25 12.00 13.50
20 State  Bank  of  Patiala 6.00 14.75 10.25 10.50 7.00 17.00 11.50 14.75 12.00 13.00 12.00 13.00
21 State  Bk. of  Travancore 10.25 14.50 10.25 11.00 10.25 14.00 11.00 12.50 13.25 14.00 13.75 14.00
22 Syndicate  Bank 10.25 10.65 10.25 10.50 13.00 14.00 13.75 14.00 11.50 13.00 12.75 13.00
23 UCO  Bank 10.50 13.25 10.50 12.00 12.50 14.25 12.60 13.75 4.00 14.25 4.00 12.50
24 Union  Bank  of  India 10.25 11.00 10.25 11.00 10.70 15.00 11.50 14.25 11.75 12.50 12.00 12.25
25 United Bank  of  India 10.50 10.80 10.50 10.80 12.05 12.55 12.05 12.55 12.25 13.00 12.25 13.00
26 Vijaya  Bank 4.00 18.75 8.00 12.75 8.50 20.00 10.00 13.25 10.25 15.75 10.50 14.75
Private Sector Banks
27 Axis  Bank  Ltd. 6.00 13.25 6.00 10.30 8.00 16.75 8.00 10.75 8.00 18.25 8.00 12.75
28 Catholic Syrian Bank  Ltd. 8.00 14.25 10.00 11.50 9.00 15.25 11.00 12.50 9.50 17.75 14.00 16.25
29 City  Union  Bank  Ltd. 4.25 19.25 11.00 13.00 8.25 13.50 8.25 12.00 10.00 18.75 14.25 15.75
30 Development Cr.Bank Ltd. 11.00 14.00 11.00 13.00 11.00 15.00 12.00 14.00 12.00 14.00 12.00 14.00
31 Dhanalaxmi  Bank  Ltd. 5.00 23.25 8.00 17.75 5.00 28.25 9.75 19.75 8.50 23.85 13.00 18.00
32 Federal  Bank  Ltd. 10.55 12.55 10.55 12.00 10.55 16.30 10.55 12.30 10.55 15.55 14.30 14.55
33 HDFC  Bank  Ltd. 9.74 11.11 9.75 11.09 10.01 22.01 10.01 16.00 11.00 14.00 11.00 14.00
34 ICICI  Bank  Ltd * 7.25 17.00 10.25 11.25 8.75 17.50 10.50 11.75 10.00 20.00 10.00 18.75
35 Indusind  Bank 9.25 12.50 11.00 11.00 21.00 27.00 23.00 24.00 10.00 16.75 10.00 12.00
36 ING  Vysya  Bank  Ltd. 2.75 18.35 10.85 13.00 6.78 18.10 11.00 12.50 10.80 20.35 19.30 19.35
37 J & K  Bank  Ltd. 4.50 17.00 10.50 15.00 7.75 16.00 10.75 14.50 7.00 16.00 11.50 13.50
38 Karnataka  Bank  Ltd. 4.00 15.25 10.75 11.25 11.25 19.85 13.50 15.75 12.25 15.25 13.25 15.25
39 Karur Vysya Bank Ltd. 11.50 11.50 11.50 11.50 12.00 16.00 12.00 13.25 13.50 15.00 13.50 14.75
40 Kotak Mahindra Bank 11.89 18.53 12.25 14.94 10.18 13.51 10.54 12.10 9.84 16.78 10.50 13.84
41 Laxmi  Vilas  Bank  Ltd. 11.25 20.35 11.25 16.25 12.25 20.35 12.50 16.75 11.25 20.35 11.25 20.35
42 Nainital Bank 10.25 13.75 10.25 12.50 10.50 13.25 11.50 13.25 12.25 15.75 12.25 14.25
43 Ratnakar  Bank  Ltd. 11.00 22.00 11.00 16.25 11.00 20.00 11.00 17.25 11.00 17.25 11.00 17.25
44 South  Indian  Bank  Ltd. 10.50 15.00 10.50 14.15 11.00 14.90 11.50 14.90 12.00 16.50 14.00 16.40
45 Tamilnad  Merc. Bk. Ltd. 11.75 15.50 11.75 13.25 12.75 16.75 12.75 14.75 13.50 14.50 13.75 14.25
46 Yes Bank Ltd 10.50 14.56 10.66 11.12 6.65 13.77 8.81 10.94 nil nil nil nil

Source: RBI

The above statement was submitted by Finmin in reply of undermentioned lok sabha question:-

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO 1381
ANSWERED ON 18.07.2014

VARIATION IN INTEREST RATES

1381 . Shri A.T. (NANA) PATIL, RAJIV PRATAP RUDY, SUNIL KUMAR SINGH
Will the Minister of FINANCE be pleased to state:-

(a) whether the Government has taken note of different rates of interest charged on home/car/education loans etc. by public/private sector banks across the country;

(b) if so, the details thereof along with the present lending rate of interest being charged on the said loans, bank-wise;

(c) the reasons for variation in lending rates of interest offered by the public and private sector banks;

(d) whether Reserve Bank of India (RBI) has framed any guidelines to regulate lending rate of interest on various loans offered by the public/private sector banks, and if so, the details thereof; and

(e) whether the Government/RBI proposes to issue instructions to all the banks to offer various loans to the consumers at a uniform rate of interest, and if so, the details thereof and if not, the reasons therefor?

ANSWER

The Finance Minister (SHRI ARUN JAITLEY)

(a) to (e):  ** as above **

Annexure Source: http://164.100.47.132/Annexture_New/lsq16/2/au1381.htm


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