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State Bank of Travancore (SBT) on Saturday raised lending rates by 50 basis points which will make auto, home and other loans from the lender costlier to existing as well as new borrowers.
The revised base rate or the minimum lending rate will be 9.50 per cent from May 9, up from 9 per cent now, SBT said in a filing to the Bombay Stock Exchange.
The rate hike comes within days of the Reserve Bank hiking its policy rates by 50 basis points, making cost of funds dearer for commercial banks.
The bank has also announced increase in its benchmark prime lending rate (BPLR) by 50 basis points to 14.25 per cent.
Besides, private sector Development Credit Bank raised its both its base rate and BPLR by 50 basis points.
The higher lending rates would make loans dearer for both new and existing auto, home and corporate borrowers.
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