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