LVB has planned not to its hike base rate for now

By | April 14, 2011

A recent press report said that Lakshmi Vilas Bank has planned not to increase its base rates because it has revised its base rate 10.5 per cent a month ago.

LVB’s Chief Executive, Mr. Somasundaram, told the press that there are chances for the bank to increase its base rate in future but the bank does not have any plans for increasing the rate immediately, at least in order to protect its existing customers.

He added saying that small banks have taken a squeeze and it is continuing to be a challenge but the bank is not intending to hold on this increase for longer time. He also said that the bank has to pass it on to the customers.

The current Bank’s Benchmark Prime Lending Rate (BPLR) of the bank is 16.75% per annum and the base Rate of our Bank is 10.50 % per annum.

The bank offers convenient loan scheme designed for the trading community for quick and hassle free loans to meet their financial needs. The bank offers home loan, personal loan, vehicle loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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