Union Bank hikes prime lending rate by 75 bps to 14%

With pressure on margins due to rising interest costs Union Bank of India today hiked its Benchmark Prime Lending rate (BPLR) by 75 basis points to 14 per cent. The new rate will become effective from august 8, 2008.

The increase would impact advances with floating interest rate structure linked to PLR, The bank said in a statement today.

The public sector banks, however, has spared existing home loan borrowers as well as educational loans from present revision.