By
Biz2Credit Advisor The benchmark prime lending rate (BPLR) of the Union Bank of India has been raised by 50 points (bps) to reach 13.25 per cent today. The lending rate has also been revised by the Indian Overseas Bank and that indicates an upward hike on the backdrop of hardening of interest rates across the economy. The bank has increased its BPLR by 25 bps to reach the 13.25 per cent level.
Keeping the current economic scenario in view and hardening of the interest rate, the Union Bank of India have come to the decision to revise its BPLR by 50 bps. This will come to effect from December 20th and it has been disclosed in a statement to the Bombay Stock Exchange.
Lending rates have been made more transparent after the introduction of the new rates on July 1st. This increase will also apply to old borrowers who haven’t yet enrolled to the new base rate system. The deposit rate term of Union Bank has also been raised up-to 100 bps. The bank has also launched a 700 – day product with an interest rate of 8.6 percent.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to
