Federal Bank has changed its lending rates in the home and car loans segment for the month of August and September. It will offer uniform concessional interest rate of 10.25% in this period for all housing loans regardless of the amount and period of loans. The revision in interest rates will be applicable from August 5 to September 30.
The bank will offer car loan rates at a starting rate of 10.25%. No processing fee will be levied on housing loans and car loans during the festival period. Currently, its base rate - the minimum lending rate that the bank offers is 10.20%.
On standalone basis, the bank has posted a fall of 44.49% in its net profit at Rs 105.66 crore for the quarter ended June 30, 2013 as compared to Rs 190.35 crore for the same quarter in the previous year. However, total income has increased by 12.52% at Rs 1869.05 crore for quarter under review as compared to Rs 1661.04 crore for the quarter ended June 30, 2012.
