Rajasthan State Co-operative Bank has reduced interest rates across categories in order to cope with challenge posed by nationalized and private sector banks. The new rates will soon be effective, say media reports.
In the non-commercial category interest rates will be 9.70% instead of 9.85%. Official sources say on a loan of Rs 1 lakh for the period of 20 years, the monthly installment will be Rs 884.
On a car loan of Rs 1 lakh for a period of seven years, the installment will be Rs 1645 per month as per the revised rates.
Apart from that customers will also have the option to go for fixed rate of interest in which cooperative banks will provide housing loans at 9.75%.