The largest lender of the country, State Bank of India has raised its base rate by 10 bps. The base rate of the bank now stands at 7.6%. This move by the bank is set to make all kinds of loans costlier for borrowers.
The new rate will come to effect from today that is 21st October 2010.
Apart from home loans and auto loans, all other loans would get dearer by atleast 10 bps with this rise in base rate.
While base rate will only be applicable for new customers, the bank has also raised BPLR for existing customers to 12.5%, a rise by 25 bps. This new rate will also be applicable from today.
The bank had also raised interest rates of fixed deposits by as much as 75 bps recently.