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Bank of Baroda (BoB) today reduced base rate or the minimum lending rate by 0.1 per cent, a move that will bring down EMIs for the borrower.
The state-run bank slashed the base rate by 10 basis points to 9.90 per cent from 10 per cent and Benchmark Prime Lending Rate (BPLR) was also reduced by same points from 14.25 per cent to 14.15 per cent, BoB said in a statement.
The reduction in both rates will be effective from July 13, it said.
With the cut in base rate , all loans linked to the benchmark rate would come down by at least 0.10 per cent.
The SBI, country's largest public sector lender, was the first off the blocks to lower its base rate earlier last month after RBI Governor Raghuram Rajan asked banks to pass on the benefits of the rate cut it announced in its June 2 monetary policy review.
The bank slashed its base rate by 15 basis points to 9.7 per cent. HDFC Bank followed suit last week with a 0.15 per cent cut to 9.7 per cent. Similarly, ICICI Bank brought down its rate by a marginal 0.05 per cent last week.
The mid-sized Allahabad Bank too queued up, reducing its base rate by 0.3 per cent to 9.95 per cent.
