More banks raise their lending rates

The Union Bank of India, on Friday, raised its base rate by 50 basis points to 10 per cent, with effect from May 7. The bank has also increased BPLR from 13.75 per cent to 14.25 per cent.

Vijaya Bank also revised the Base Rate and BPLR by 50 bps with effect from May 6, 2011.

Accordingly, the Base Rate shall stand revised from 9.50 per cent to 10 per cent p.a and BPLR from 13.75 per cent to 14.25 per cent p.a. Interest rate on Vijaya Home Loans to be sanctioned with effect from May 6, carrying Fixed Rates of Interest, shall also stand increased by 50 bps.

The Indian Overseas Bank (IOB) also raised its base rate by 50 basis points to 10 per cent, with effect from May 6. IOB has also increased its BPLR from 13.75 per cent to 14.25 per cent with effect from Friday.

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