Canara Bank, Oriental Bank of Commerce cut lending rates by up to 0.25%


interest rateThe state-owned lenders Canara Bank and Oriental Bank of Commerce (OBC) cut base rates to 10 per cent, which will lead to lower EMIs for their loan consumers.

“The bank has reduced the base rate or minimum lending by 0.20 per cent to 10 per cent for loans and advances with effect from May 11,” Canara Bank said in a statement.

OBC revised downward its base rate to 10 per cent from 10.25 per cent, effective May 15.

“The bank has reduced interest rate on fixed deposit by up to 0.25 per cent on select maturities,” OBC said in a statement.