Mumbai: Good news is in for home loan applicants. Interest rates on retail loans are likely to decline soon. These will include loans on education, home, auto and other personal loans. The exact rate cut has not been declared yet. Some banks have already cut down their interest rates, while few other banks will begin the same shortly. The Finance Minister, P Chidambaram asked the bankers to reduce the equated monthly installment (EMI) on retail loans. This decision has been taken to curb the side effects of the country’s slow economic growth rate. Retail loans will be given more attention in comparison to the corporate loans. This is because of the rising consumption behavior observed in retail loan lending. Central Bank of India has decided to reduce the home loans interest rate by 0.1%. This will bring down the rates to 10.65% for loans between Rs. 30-75 lac, and 10.90% for loans above Rs. 75 lac. The interest rate for loans upto Rs. 30 lac will be 10.50%. Similarly, the bank has also reduced the interest rates for other retail loans by 0.5-0.20%. The purpose behind this is to increase the number of loan accounts with the banks. The main focus will be on retail loans in order to initiate positive consumptions within the country.SBI, in August, reduced the interest rates on home loans by 0.5%. Similarly, Union Bank has cut down the interest rates by 1.5-2.5 bringing it down to 10.95% for vehicle loans. State Bank of Bikaner and Jaipur has cut down the retail loan rates by 0.5-0.7 %. This bank is now offering home loans at the rate of 10.75%. The interest rate for other retail loans, like auto loans, is almost the same. Banks like Punjab National Bank, Bank of India, and IDBI Bank are also planning to audit their interest rates on the retail loans for the present quarter. займ на карту без отказов круглосуточновзять кредит онлайн