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EDC launches special loans for state govt. employees

By SiliconIndia   |   Wednesday, July 29, 2009
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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.
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