Base Rate linked pricing system of loans and advances has been started since 01.07.2010. Base Rate is the minimum rate below which Bank’s are not permitted to lend barring certain exceptions. In respect of existing loans, borrowers have an option to either continue with the existing system of BPLR till the maturity of their loans or switch over to the new system of Base Rate. No fee will be charged from the borrower for such switch over.
Prescribed Option Letter for borrowers is available with all Branches. Borrowers desirous for change over to Base Rate may contact the branch requesting to issue the Option letter for change over to Base Rate at any time during the pendency of their BPLR linked loans. Base Rate will be reviewed and may be changed from time to time.