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Interest rate on Advances
 
  • As per policy, Interest on Advances are charged on reducing balances.
  • Interest rates are chargeable on floating or fixed rates depending upon scheme and terms & conditions of sanction.
  • Interest Rates on Advances 

S. No.

Particulars

Rate of Interest

With Effect From

1

Prime Lending Rate

14.75%

14.05.2012

2

Base Rate

9.45%

03.10.2017

3

1 year MCLR

8.40%

11.09.2017

4

Maximum spread of the Bank over MCLR

5.00%

10.07.2017

5

Maximum penal rate of interest on fund based facilities*

2%

 

6

Maximum penal rate of interest on non-fund based facilities*

0.25%

  • In cases where the penal interest/commission are applicable for more than one type of default, the aggregate of such penal interest rates shall not exceed 3% p.a. plus 0.25% p.a. on the Non-Fund based outstanding subject to the condition that the overall rate of interest including penal charge/commission shall not exceed benchmark lending rate plus Maximum spread plus 2% p.a.

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Display of Information as per RBI Guidelines - Interest Rate Range of Contracted Loans