IDBI Bank Accelerates its Retail Banking Strategy

MUMBAI:
IDBI Bank is the first scheduled commercial bank to realign its home loan slab in line with new home loan PSL norms issued by RBI.
The home loan slab has been revised from existing Rs.30 lakhs to Rs. 35 lakhs with effect from 18/06/2018. IDBI Bank now offers interest rate of 8.5% p.a. (6 months MCLR+0.05%) for Housing Loans up to Rs. 35 lakhs. A 5 bps discount is offered on card rate for woman and salaried borrowers. Further, a maximum 15 BPS concession is also available based on credit score of the borrower. The home loans are linked to 6 months MCLR with half yearly reset clause.
On the auto and personal loans front, IDBI Bank has introduced risk based pricing thereby offering attractive rates for customers with good credit profile. The interest rate starts from 8.90% p.a to 9.50 p.a in auto loan and from 12% p.a. to 14% p.a in personal loan. Based on the credit score, the lower interest rates are offered to customers with higher credit score.
Speaking on this initiative, Jorty Chacko, Executive Director, Retail Banking Group, IDBI Bank, “I am confident that the realignment of home loan amount and interest rate will have positive impact on home loan growth especially in the affordable housing segment. Our second initiative of linking auto and personal loan to credit score is a step towards bank’s commitment to offer finer rates to its good customers besides maintaining credit quality.”