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2012-11-16

Karnataka Bank slashes lending rate by 0.25 per cent

Karnataka Bank has reduced their base rate or minimum lending rate by 0.25 per cent to 10.75 per cent with effect from November 10, 2012.

Karnataka Bank has reduced their base rate or minimum lending rate by 0.25 per cent to 10.75 per cent with effect from November 10, 2012.

In a filing to the Bombay Stock Exchange (BSE), it said, "The Bank's base rate now stands reduced to 10.75 per cent from the earlier 11 per cent."

The bank also said, "This reduction is applicable to the existing loans and also for the future loans. This will enable retail and MSME customers to avail funds at reduced rates and to stay competitive in their market.”

With the reduction in base rate, all loans linked to the base rate would be cheaper by 25 basis points (0.25 per cent).

Moreover, the housing loan of up to Rs 25 lakh will attract interest rate of 10.75 per cent and car loans 11.25 per cent per annum.

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