Bank of Maharashtra has raised its lending rates by 25 bps

By | June 1, 2011

A recent press report said that the state-run Bank of Maharashtra has revised its base and lending rates by 0.25 percent each to 10.25 and to 14.50 per cent respectively.

Reports said that the base rate of the bank was 10 per cent prior to the revision and its prime lending rate was at 14.25 per cent. As a result of the Reserve Bank’s tight monetary policy to control inflation the key policy rates have gone up almost ten times since March 2010 to 7.5 and 6.5 per cent.

Due to the continuous rise of the inflation driven by higher prices of fuel and manufactured goods, the analysts have said that there are chances for the Reserve Bank of India to hike its rates at the first quarter monetary policy review. The rate of inflation has gone up to .44 per cent for June, up from 9.06 per cent in May which is due to the hike in fuel prices and manufactured goods.

The hike in interest rate will effect the borrowers of the bank. The bank offers home loan, vehicle loan, agricultural loans, personal loan, education 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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