Karnataka Bank has reduced its base rate by 25 basis points with effect from November 10.
The bank’s base rate now stands reduced to 10.75 per cent from the earlier 11 per cent. As a result, all its base rate linked loans get cheaper by 25 basis points.
A bank release said here on Saturday that the reduction is applicable to the existing loans and also for the future loans. This will enable retail and MSME customers to avail funds at reduced rates.
The bank has reduced the interest rates on housing loan and car loan products by 50 basis points.
The release said the housing loan up to Rs 25 lakh will be extended at the rate of 10.75 per cent.
The revised rate of interest on car loan is 11.25 per cent.
The bank said that there is a corresponding reduction in the rate of interest on deposit by 25 basis points.