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2010-07-02

SME loan linked to base rate regime

State Bank of India (SBI) has said that it has linked all small and medium enterprise (SME) loans with the base rate which became effective from July 1, 2010.

State Bank of India (SBI) has said that it has linked all small and medium enterprise (SME) loans with the base rate which became effective from July 1, 2010.

Base rate, the lowest interest rate that banks can charge from a customer has replaced the benchmark prime lending rate (BPLR) system post the RBI directive last week.

SBI has fixed the base rate at 7.5 per cent. The bank said that the effective interest rates for all existing SME loans will remain unchanged. The loan given to SME sector depending on various conditions varies within the range of 8.5 per cent to 12 per cent.

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