Mumbai, Feb 22 (UNI) In a bid to boost credit takeoff, another state-owned lender Bank of Baroda (BoB) has reduced its benchmark prime lending rate (BPLR) by 50 basis points to 12.75 per cent.
BOB followed the move after four public sector lenders, including State Bank of India, Bank of India, Canara Bank and Union Bank of India, brought down BPLR by 25 to 50 bps earlier this week.
''With this move, the lending rates on several retail categories of the Bank like personal, home, vehicle and education loans stand reduced and become more attractive,'' BoB said in a statement.
The bank has slashed home loan rates on various categories between 25 bps to 100 bps on both the fixed and floating rate categories.
Floating home loans will now become cheaper by 0.50 per cent and the minimum rate in the segment now stands at 9.50 per cent for loans upto Rs 20 lakh and 9.75 per cent for loans above Rs 20 lakh.
The maximum rate for both the brackets stands at 10.00 and 10.25 per cent respectively, BoB said.
The Bank has also reduced the home loan rates under fixed interest rate category by 50 bps along with the BPLR reduction, which will be effective from February 27.
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