Dena Bank has reduced interest rates on tractor financing to farmers. The public sector lender will offer a lower base rate of 10.25 per cent up to Rs 100 lakh for these kind of loans, it said in a release on Monday.
"The interest rate has also been reduced by 100 basis points for above Rs 3 lakh to Rs 10 lakh and 150 basis points for above Rs 10 lakh loans," it said. added.
Besides, the state-run bank also announced waiving the processing fee on tractor finance.
The revised interest rates and waiver of processing fee will be effective from October 12 to March 31, 2014.
Last week, the mid-sized bank had reduced interest rates on some of its retail products in view of the ongoing festive season.
The bank is offering home loans up to Rs 1 crore at a base rate of 10.25 per cent and those above it at 10.50 per cent.
It is also offering a combo loan for car and consumer durables with housing loan. Car loans with housing one will be offered at 10.25 per cent up to Rs 1 crore and at 10.50 per cent above Rs 1 crore.
The bank is also offering consumer durable loans along with housing credit at 11.75 per cent.
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