Private sector lender Karur Vysya Bank on Thursday said it has cut the base rate and the benchmark prime lending rate to 8 per cent and 13 per cent, respectively, effective Friday. "We advise that base rate and BPLR of the bank would be revised with effect from September 24, 2021," Karur Vysya Bank said in a regulatory filing.
Both the rates have been slashed by 0.45 per cent each. Base rate is the minimum rate, below which banks are not allowed to lend to its customers.
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BPLR is applicable only for existing customers and is not applicable for fresh lending.
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