ICICI Bank and Kotak Mahindra Bank joined the State Bank of India (SBI) and HDFC Ltd to offer discounted loans.
ICICI Bank would offer new loans at a fixed rate of 8.25 per cent for the first two years, irrespective of the loan amount. The ICICI offer would be applicable to loans sanctioned between December 1, 2009 and January 31, 2010, and the first disbursement should be made before March 31, 2010.
On the other hand, Kotak will offer floating rates starting from 7.99 per cent per annum, depending upon the loan amount, to salaried customers. The bank also launched a special scheme under which it will offer loans at a fixed rate of 8.49 per cent for 30 months from the date of disbursement of the money. After that, the applicable floating rate for the balance term will apply. The offer will continue till January 31, 2010. Irrespective of the amount, the 8.49 per cent rate is applicable to all new loans.