This Annexure is applicable only for Rate of Interest in respect of Retail Loans/Advances linked to 1 Year Marginal Cost of Funds based Lending Rate (MCLR) (i.e. loans sanctioned on or after 01.04.2016)
As per RBI guidelines all rupee loans sanctioned and credit limits renewed w.e.f. 1st April 2016 will be priced with reference to the 1 Year Marginal Cost of Funds Based Lending Rate (MCLR).
All Rate of Interest under Retail Loans is linked to 1 year MCLR. Any concession granted in Retail Loan is subject to minimum 1 year MCLR
MCLR w.e.f. 10th DECEMBER 2018 is 8.70% p.a.
All rates (except ROI on Star Mitra Personal Loan Scheme and Star Reverse Mortgage Loan Scheme) are on floating rate basis.
Rate of Interest presently applicable in respective Home Loan account plus premium of 0.50% (floating ROI, p.a. at monthly rests) subject to minimum 1 year MCLR
Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs
1 Year MCLR +1.70%
For loans above Rs.7.50 lacs
1 Year MCLR + 2.50%
Note
Simple interest to be charged during the repayment holiday/ moratorium period.
1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available from the date of commencement of EMI.
The accrued interest during the repayment holiday period to be added to the principal and repayment in equated monthly instalments (EMIs) be fixed accordingly.
Penal interest @ 2% to be charged for loans above Rs. 4 Lacs for the overdue amount and overdue period.
Interest concession for loans/advances to woman beneficiary: 0.50% p.a.
All students pursuing professional courses (like Engineering/Medical/Management etc.) are eligible for 0.50% interest concession but max. Rate of Interest concession under (a) and (b) above is 1.00% p.a. subject to, minimum one year MCLR of the Bank
Revised uniform Rate of Interest for New loans w.e.f. 09-06-2017
1 Year MCLR + 1.50%
1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available after commencement of repayment.
