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With effect from January 1, 2004, number of banks have lowered their prime lending rates (PLR). Central Bank of India, State Bank of Travancore (SBT) and Allahabad Bank have lowered their prime lending rate (PLR) by 50 basis points to 11 per cent.Bank of Baroda has announced a single BPLR of 10.5%, while Union Bank of India, Canara Bank and Punjab National Bank have pegged it at 10.75%.
ICICI Bank Ltd has fixed its benchmark prime lending rate, known as ICICI Bank Benchmark Advance Rate (I-Bar), at 10.50 per cent per annum. The lending rates will now comprise I-Bar, term premium and transaction-specific credit and other charges.
Lowest PLR has been announced by State Bank of India at 10.25 per cent. This makes its PLR — called State Bank Advance Rate (SBAR) — the lowest in the industry. All existing borrowers of loans with rates presently linked to the PLR, State Bank Medium Term Lending Rate and State Bank Short Term Advance Rate will now be linked to the new rate, and will therefore, enjoy a reduction of 25 basis points in terms of interest rates.
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