• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureaus

New Delhi, Nov. 7 Bank of Baroda has reduced its benchmark prime-lending rate (BPLR) by 75 basis points to 13.25 per cent, from 14 per cent, with effect from November 10.

The bank’s Chairman and Managing Director, Mr M.D.Mallya, said the reduction would be applicable to existing as well as new loans. As 71 per cent of BoB’s advances are linked to BPLR, Mr Mallya said that the 75 basis point cut would benefit borrowers to a great extent.

He highlighted that interest rate on car loans has now come down from 12 per cent to 11.25 per cent.

Floating rate home loans will be much cheaper and interest rate on home loans up to Rs 30 lakh now stands at 9.25 per cent for loans repayable within 5 years, 9.5 per cent for loans repayable between 5 – 15 years and 9.75 per cent for loans repayable between 15 – 25 years, he said.

Our Mumbai bureau reports:

Central Bank of India has decided to cut the floating rates on housing loans by 25 to 50 basis points with effect from November 11.

In the case of home loans up to Rs 30 lakh, Central Bank of India will charge an interest rate of 9.00 per cent (9.25 per cent earlier) for a tenure of up to 5 years; 9.50 per cent (10 per cent) for over 5 years to less than 10 years; and 10.00 per cent (10.50 per cent) for 10 years & above.

For loans of above Rs 30 lakh, the new interest rates are: 10.25 per cent (10.75 per cent) for a tenure of up to 5 years; 10.75 per cent (from 11.25 per cent) for over 5 years to less than 10 years; and 11.25 per cent (11.75 per cent) on loans repayable in 10 years & above.

Central Bank has not changed interest rates on loans under the fixed category.

Meanwhile, IDBI Bank said it will reduce its BPLR by 75 basis points to 13.50 per cent with effect from November 8.

The bank said the reduction of 75 bps would also be applicable to housing and education loans.

Our Bangalore Bureau reports: State Bank of Mysore has reduced its benchmark prime lending rate to 13.5 per cent from the prevailing 14.25 per cent.

A bank release said here that the reduction would take effect from November 10. SBM rate reduction comes close on the heels of the 75 basis points drop by its parent, the State Bank of India. SBI’s PLR is currently 13 per cent.

More Stories on : Interest Rates

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line