Syndicate Bank on Friday announced the reduction of credit rates on mortgages, SSI and SME lending, consumer credit and loans to women entrepreneurs ranging from 0.25 percent to 1.50 percent as of February 18, 2008. Interest rates on housing loans has been increased by 25 basis points for loans up to 20 lakh case

To increase the power of granting credits to small businesses and SMEs, the Bank has decided to reduce interest rates by 25 basis points to 1 percent depending on the credit rating of customers. To encourage women entrepreneurs, interest rates were increased by 1 percent on loans of the Bank under the “Mahila Synd-regime. Syndicate Bank has also reduced its interest rate of 1.50 percent for consumer credit (both personal loans and consumer durable goods) on a salary of class, the salary is credited to the bank account .