Bangalore: Canara Bank and Vijaya Bank have reduced their Benchmark Prime Lending Rate (BPLR) by 50 basis points effective from 1 April.
Canara Bank decreased its BPLR from 12.5% to 12% while Vijaya Bank has brought down the same to 12.25%.
The reduced interest rate is intended to meet the credit demands of needy segments and contribute to credit growth in tune with the current demands of the economy, Canara Bank said in a statement.
The interest rates on personal loans, as well as existing housing loans linked to BPLR were also reduced by 50 basis points with effect from tomorrow, it said.
A statement from Vijaya Bank said the new rate will be applicable to select floating rate linked loans.