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Allahabad Bank slashes lending rates by 45 bps to lower EMIs for borrowers

The revised rates are effective from April 2

Press Trust of India  |  New Delhi 

Allahabad Bank
Allahabad Bank

Public sector lender has reduced the base rate and (BPLR) by 45 basis points each, a move that will lower for its borrowers.

"The (ALCO) of the bank has decided to reduce base rate and BPLR (benchmark prime lending rate) by 45 basis points," the bank said in a regulatory filing today.

has slashed base rate to 9.15 per cent from 9.60 per cent. BPLR has been brought down to 13.40 per cent from 13.85 per cent.

"The revised rates are effective from April 2," it added.

First Published: Sun, April 01 2018. 00:04 IST