Personal loan lender, Canara Bank has increased its benchmark prime lending rate (BPLR) by 50 basis points. The new BPLR of the bank is 12.50% as compared to 12% previously.
But these rates are not applicable to loans disbursed after 1st July since these loans are priced as per the base rate method of lending.
The increased BPLR would be available to customers taking loans in Micro, Small & Medium Enterprises (MSME), current home loans connected to BPLR and Personal Loan schemes.
Many banks have increased their lending rates post the policy rate increase by RBI in the monetary policy review. The policy rate increase saw the repo rate going up by 25 basis points and reverse repo rate by 50 basis points.
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