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Four PSU banks hike BPLR; Personal loans to cost more

Corporate advances and some personal loans are set to become costlier with four public sector lenders today announcing an increase in their benchmark prime lending rates (BPLR).

While the second largest PSU bank Punjab National Bank (PNB) and Syndicate Bank have decided to hike their BPLR by 75 basis points to 13 per cent each, Union Bank of India (UBI) and Oriental Bank of Commerce have decided to hike the rate to 13.25 per cent from the earlier 12.50 per cent.

However, housing loans were spared by two Delhi-based banks -- PNB and OBC -- from the hike to be effective from April 16.

While PNB said housing loans will be reviewed separately as and when necessary, OBC said housing loans and education loan rates remain unchanged.

PNB officials said some personal loans, which are not taken for specified purpose, would be costlier, but the specified advances like auto loans would not be touched. Corporate loans would also become expensive, they said.

OBC officials said all loans except for housing and education would be costlier.

Syndicate Bank said in a statement that all customers, who have opted for floating interest rates, will have to pay more on their loans as the bank has hiked its BPLR from today.

UBI's statement said it has increased its BPLR from 12.50 per cent to 13.25 per cent effective from today.

News Source:
http://www.hindu.com/

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.