Loans
Union Bank cuts home, education loan rates

Under the revised rates applicable from 29th November, Union Bank's educational loan rates would go down by 1.5-2% while the interest on home loans above Rs30 lakh will be cheaper by 0.25%


Mumbai: State-run Union Bank of India has reduced education loan rates by up to 2%, and a category of home loans by 0.25%, as the focus of the banking industry shifts to retail borrowers, reports PTI.

 

Under the revised rates applicable from 29th November, educational loan rates go down by 1.5-2% while the interest on home loans above Rs30 lakh will be cheaper by 0.25%, the bank said in a statement.

 

Educational loan of up to Rs7.5 lakh can be availed at an interest of 12.75% while that above Rs7.5 lakh will be priced at 12.50%, it said.

 

For home loans up to Rs75 lakh, credit will be available on par with the base rate at 10.50%; for loans above Rs75 lakh and up to Rs 5 crore, the interest gets reduced to 0.25% over the base rate.

 

Demand from the corporate side has dried up due to gloomy economic conditions, which have forced bankers to shift focus towards the retail segment, where demand continues.

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COMMENTS

davidmercy

4 years ago

It has become very necessary for the banks to reduce the interest rates on education loan as the need of the loan is increasing day by day. The capacity of common man is not so wide so as to bear the weight of their children's education.


http://www.linkedin.com/pub/dir/Akshat/S...>loan on education

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HSBC Geneva accounts: I-T digs for more funds info

The I-T department has written to a number of foreign tax authorities as details of stashed funds on more than 60% of those named on the list show the bank balances of a particular day rather than the entire financial transactions done by the individual or the account holder

New Delhi: The Income Tax (I-T) department in India has begun digging for more banking and fund records data of those persons who feature on the classified HSBC bank Geneva list, sent to India by the French government, reports PTI.

 

The department, through the Finance Ministry, has written to a number of foreign tax authorities as details of stashed funds on more than 60% of those named on the list show the bank balances of a particular day rather than the entire financial transactions done by the individual or the account holder.

 

Sources said in most of the cases featuring on the secret list, either the bank balances are very small or show 'nil' amounts without stating the actual amount of funds secretly hidden by the individual.

 

The I-T and the Finance Ministry, hence, has now approached a few countries including Switzerland and France to allow them access to the 'full transaction activity' of these entities from the period the accounts were opened.

 

"The communication with foreign tax authorities are being done under the provisions of the Double Taxation Avoidance Agreement (DTAA)," sources said.

 

Apart from the alpine nation where the bank had its branch, the I-T has written to few more unspecified countries after a probe by enforcement agencies showed that the featured entities could have invested funds at these offshore locations in order to evade the tax scanner.

 

The I-T has already decided to begin prosecution action against those having "substantial" amounts in their bank accounts shown in this list.

 

The department has also begun a country-wide I-T assessment of those persons whose names have figured in these lists.

 

India had obtained data of over 700 HSBC accounts from French government channels last year.

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