EDC launches special loans for state govt. employees

By SiliconIndia   |   Wednesday, July 29, 2009
Print Print Email Email
Bangalore: The Economic Development Corporation (EDC) has announced that it will offer housing and vehicle loans under a joint loan option to government employees. As compared to loans offered by other players in the market, the rate on loans offered by EDC is high. However, the EDC loan scheme considers spouse's income to calculate loan eligibility. Under the scheme the organization will offer home loans of up to Rs. 25 lakh to permanent government and corporations employees. According to Rupee Times, housing loans will be offered for new purchases and extension or renovation of existing property holdings. Besides, vehicle loans amounting up to Rs. 5 lakh will be offered at an interest rate of 15 percent, payable over a period of five years or until the attainment of superannuation age. In the later case, the floating interest rate will be applicable. The rate on home loans offered by State Bank of India (SBI) stands at 8-10 percent. While, HDFC Bank is offering home loans at 9.25 percent and vehicle loans at 12.75 percent.
Looking For Loan? Let us Help you !!!
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..