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Indian Bank reduces PLR

By Our Corporate Reporter

CHENNAI DEC. 2. Indian Bank has reduced the prime lending rate (PLR) and prime term lending rate (PTLR) applicable to loans with repayment period from 36 months and above with effect from December 1. The interest on loans and advances which are linked to PLR under floating and variable mode has been reduced to 11.75 per cent from 12 per cent. The term lending rates I and II are merged with effect from December 1 and uniformly priced at 12 per cent. All term loans, other than fixed rate categories, will undergo revision. The reduction in such categories of term loans would be 0.25 per cent or 0.50 per cent depending on their linkage to PTLR I or PTLR II respectively.

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