The Mangaluru-based Karnataka Bank Ltd has announced that it has reduced the base rate for lending by 25 basis points.
A press release said here on Thursday that the bank has reduced the base rate for lending from 10.50 per cent to 10.25 per cent with effect from October 5.
Quoting P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, the release said that the reduction in base rate will make loans cheaper and thereby reduce the EMIs for customers. The revised base rate will be applicable to new as well as existing loans, he added.