Barclays Global Retail and Commercial Bank (GRCB) India today said it would lower the interest rates for those customers of business loans who are regular in repayment of their EMIs over a 12—month period.
The foreign bank has launched its ‘Drop Down Feature’ for its business loans category which it said would encourage customers to make payments in a timely fashion by way of the differentiated repayment structure they will enjoy.
Barclays will offer a competitive interest rate for the first 12 months. During the next 12 months, customers who meet their Equated Monthly Instalment (EMI) repayment commitments will get a reduction in the interest rate by a fixed percentage, a release said.
“A further reduction in interest rates will again take place for another 12 months of regular repayments, which will thereafter become the rate of interest for the remaining tenor of the loan,” it said.
“At Barclays, the customer always comes first...we are certain that this offering will help Barclays’ business loan customers manage their finances far more efficiently,” Barclays GRCB India Interim Managing Director and COO Ram Gopal said in a release here.
Currently, across the market, all business loan offerings have a fixed rate of interest for the tenor of the loan.
