Mumbai, Aug 6 (UNI) Consequent to the recent hike in CRR and Repo Rate by the Reserve Bank of India, the Union bank and the IndusInd Bank have increased their Prime Lending Rate by 75 basis points.
While the revised PLR for Union Bank would be 14 per cent, up from 13.25 per cent, the new rate for the IndusInd Bank would be 17 per cent, hiked from 16.25 per cent earlier, the Banks said in separate releases here.
The Union bank said the increase would impact advances with floating interest rate structure linked to the PLR.
However, the hike would not be acceptable to existing housing loans and also education loans.
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