Several banks today fixed their minimum lending or base rate at as high as 8.5 per cent, even as some private players, including HDFC Bank, pegged their rates below 7.5 per cent announced by market leader SBI.
The lowest rate of 7 per cent came from some small private banks-- Dhanalakshmi Bank and DBS Bank-- followed by 7.25 per cent by HDCF Bank.
Another private sector lender Axis Bank pegged its base rate at 7.5 per cent.
Among the major lenders, Bank of Baroda, Oriental Bank of Commerce, UCO Bank, Allahabad Bank, Bank of India, Indian Bank and IDBI Bank have set their rate at 8 per cent. Syndicate Bank, Dena Bank and Indian Overseas Bank have fixed the base rate at 8.25 per cent.
Tamil Nadu-based private sector lender Karur Vysya Bank's rate is the highest so far at 8.5 per cent.
Mangalore-based Corporation Bank, State Bank of Mysore, State Bank of Bikaner and Jaipur and Federal Bank pegged the rate at 7.75 per cent.
Existing borrowers have the option to switch over to the base rate system before the renewal or expiry of the existing contract without any charges.
+1.jpg)
0 comments
Post a Comment