Has the recent Reserve Bank of India dictate asking banks to stop the zero per cent EMI schemes and the rising prices of electronic gadgets put a dampener on your Diwali shopping? You may still have a chance of buying that iPhone 5 or the latest LED TV you have been eyeing. With the Finance Ministry providing additional capital to public sector banks to facilitate rate cuts in the two-wheeler and consumer durable segments, some have already started doing so. State Bank of India launched a ‘special festival loan’ for its salary package account holders for purchase of consumer durables and two wheelers. Loans under this scheme start from 12.05%. Similarly, Punjab National Bank cut two-wheeler loan rates to 12.25% and rates on consumer durable loans to 12.75%. Oriental Bank of Commerce has also cut rates for a limited period. Consumer durable loans are small ticket loans with a maximum tenure of three years and typically PSU banks offer it to their salaried customers or existing borrowers.
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