Question

Collect the information from five different banks about different rate of interest for homeloans. And design a pamphlet for calculating simple interest

Answer 1

Maximum Interest Rate

Union Bank of India 6.80 6.40 7.25

Kotak Mahindra Bank 6.50 6.50 7.10

Bank of Baroda 6.50 6.50 7.85

Bank of India 6.85 6.50 8.20

Punjab & Sind Bank 6.60 6.60 7.35

Sorted on the minimum interest rate charged by the bank after adding a risk premium

*Union Bank of India charges 0.50% as loan amount as processing fees. Maximum charged is Rs 15,000.

*Kotak Mahindra Bank charges a processing fee of max 2% + GST and any other statutory charges plus documentation charges up to Rs 10,000/-

*Bank of Baroda processing fees is 0.25% to 0.50% of loan; Min. Rs 8500/- Max. Rs 25000/-

*Bank of India charges 0.25% of loan as processing fees; Minimum Rs 1,500 and Maximum Rs 20,000