Bank of Baroda hikes PLR to 11 per cent
Mumbai, May 11: Keeping in view the increasing cost of resources, Bank of Baroda has revised the prime lending rate(PLR) from 10.50 per cent to 11.00 per cent with effect from May 1, 2006.
The rate of interest on housing loans, under floating rate options, has also been increased by half a percentage point across the board.
Now housing loans under floating rate shall be available at 8.50 per cent for 5 years, 8.75 per cent for more than 5 and upto 15 years and 9.00 per cent for more than 15 years against 8.00, 8.25 and 8.50 per cent earlier.
Also, re-aligning its rates on housing loans under fixed rate option, the Bank has revised rates upward by 50 bps(basis points) to 9.50 per cent for 5 years, 9.75 per cent for more than 5 years and upto 10 years and 10.00 per cent for more than 10 years, as against 9.00, 9.25 and 9.50 per cent for the same tenures earlier.
Besides housing loans, rates have also been raised by 50 bps on all retail loan products.