Public sector lender, Canara Bank has raised its benchmark prime lending rate (BPLR) by 50 basis points. The BPLR of the bank now stands at 12.50% as against 12% earlier.
These rates are however not applicable to loans granted after 1st July as those loans are priced according to the base rate system of lending.
The raised BPLR would be applicable to customers having loans in Micro, Small & Medium Enterprises (MSME), existing housing loans linked to BPLR and Personal Loan schemes.
Many banks have so far raised their lending rates after the policy rate hike by RBI in the monetary policy review. The policy rate hike saw the repo rate hiked by 25 basis points and reverse repo rate by 50 basis points.