subject: Loans to end all financial worries [print this page] Author: Ankit Author: Ankit
After State Bank of India (SBI) and ICICI Bank, it is now Bank of India (BoI) which has come out in the open with 'Star Own Your Home' offer. Under the new home loan plan, the bank will charge 8 per cent fixed rate for first two years for upto Rs.30 lakhs. The interest rate will be.8.25 per cent for loans above Rs.30 lakh. After two years, the bank will charge on the basis of prevailing floating rates. Not only BoI, but many more banks are also coming up with similar plans, such as IDBI Bank and Kotak Mahindra Bank. This is definitely a big treat for those who were dreaming of buying a new home and were looking for an attractive loan deal. ICICI Bank is another such bank which claims to offer the most convenient home loan plans without any hassles. Guidance throughout the loan process, simplified documentation, competitive interest rates, doorstep service and a tenure of upto 20 years are among the key benefits, besides attractive home loan interest rates. Needless to say, buying a home has become much easier now with so many private and public banks offering competitive loan offers and an urge to go beyond the customers' expectations. Now, one can even avail the loan amount without selecting the property. When it comes to personal loans, things have become as easy as saying 1 2 3. Be it renovation expenses, marriage related expenses, buying a new Laptop or paying medical bills, personal loans act as a true pain-reliever. There is no need for pledging security and banks even don't ask the purpose of taking the loan. Minimum documentation and faster processing also make these bank loans an attractive option in times of urgent need. Almost all banks in India offer personal loans. However, it is the high rate of interests which the customers should check, before applying for the loan. To cater to the unique needs of their customers, banks also offer several other loan products such as business loans, education loans and marriage loans. It won't be an exaggeration to say that loans are now playing a vital role in today's world. Be it personal life or business world, no-one can deny the significance of bank loans. For small and mid-sized enterprises (SMEs), these loans (business loans) are of paramount importance as they always require these loans to execute their expansion plans and other development works. These changes in the traditional way of banking and disbursement of loan products mark the beginning of a new banking era in India. With more and more new players entering the sector, no-doubt, customer is the ultimate receiver of the benefits arising out of this intense competition. Even the global slowdown and Dubai crisis failed to have any impact on Indian banks which kept on posting better-than-expected figures and the trend is still on.About the Author:
