Rajasthan Co-operative Banks Reduce Loan Interest Rates & Create New Job Opportunities for the Youth…
User-friendly government policies and momentous leap in infrastructure has improved standards of living in Rajasthan. Post demonetization, the market price of several assets has rapidly declined. Consequently, many people have applied for loans in various banks and financial institutions. Seeing that government has reduced stamp duty on purchase and sale of property for this financial year, the real estate industry is expected to fare better in the coming days.
This has fueled intense competition among government and private banks. Facing stiff competition from other financial institutes, Rajasthan state co-operative bank ltd has reduced interest rates in various categories. The new interest rates will come into effect from March 20, 2017. Here’s a brief overview of the new bank policies.
Rajasthan Cooperative Banks Hand out Loans at Low Interest Rates…
The apex bank of Rajasthan has brought down their interest rates in the following categories—
- Home loans: 8.75% (comparable to the interest rates in public sector banks).
- Vehicle loans (in commercial category): 13%.
- Vehicle loans (in non-commercial category): 9.70%
The previous rates in the aforementioned categories were 9.30%, 14% and 9.85% respectively.
How much Money Do I Have to Pay if I Apply for a Loan at Cooperative Bank?
According to bank officials, if you take a car loan of Rs 1 lakh spanning over a period of 20 years, you just have to pay Rs 884 per month. If you reduce the duration of loan to 7 months, you pay just Rs 1645 per month. Though, we can’t say for sure if this policy will continue for long.
In case you want to stay immune to the changing loan policies, you can opt for a fixed interest rate of 9.75% on housing loans. This way, you don’t have to pay extra, should the interest rates increase in future.
Banks Create New Jobs for Youths
Post-demonetization, banks have experienced a shift in their policies. Employing new task-force has become the prime necessity of the hour. Therefore, the cooperative departments will soon release 585 new vacancies with the approval of the finance department. The recruitment of candidates on these posts will be done via RPSC (Rajasthan Public Service Commission).
The grade pay for the aforementioned posts is Rs 3600 and the staff will be recruited through service selection board. Thus, it’s safe to say that the people will experience better standards of living in the coming times.
