Corporation Bank further cuts lending rate by 0.05%

New Delhi: State-owned Corporation Bank Wednesday further revised its benchmark lending rate by 0.05 percent to 9.65 percent.

The bank has now revised the base rate from 9.90 percent to 9.65 percent with effect from October 8, Corporation Bank said in a statement.

So with the latest revision, the effective base or minimum lending rate cut is 0.25 percent.

Earlier on October 5, the bank had announced reduction in rate from 9.90 percent to 9.70 percent.

Mortgage lender DHFL too lowered lending rate to 9.55 percent to new borrowers for a limited period.

The company cut its retail prime lending rate by 0.20 percent and also announced a 0.10 percent cut to loans written till December 31, taking the effective lending rate down to 9.55 percent for loans under Rs 25 lakh.

This offering is at par with the country's largest lender SBI's minimum rate of lending for non-women borrowers which stands at 9.55 percent, and better than the 9.65 percent offered by rivals like HDFC, ICICI Bank and Axis Bank for non-women borrowers for smaller ticket sizes.