What is 'Base Rate'

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• BoE inches closer to rate cut as second policymaker backs easingDeputy Governor Dave Ramsden joined external member Swati Dhingra in calling for an immediate cut in the base rate from its current level of 5.25%, where it was held for the sixth straight meeting.
• ?SBI, Kotak Mahindra Bank latest MCLR, base rates: SBI loan borrowers, Kotak customers must knowState Bank of India (SBI) and Kotak Mahindra Bank MCLR: Public sector bank SBI and private sector lender Kotak Mahindra Bank has revised their marginal cost of lending rates (MCLR). The revised base rate of SBI stands at 10.25%. Read here to know the latest MCLR from both SBI and Kotak Mahindra Bank.
• India's industrial production up 4.2% in April from 1.1% in MarchIndia's industrial production rose 4.2 per cent in April, according to the official data released on Monday by the NSO. Factory output measured in terms of the Index of Industrial Production (IIP) grew 6.7 per cent in April 2022
• Lloyds Bank sets aside £668 million to cover loan losses, hails ‘resilient’ mortgage customersLloyds Banking Group has hailed its resilient mortgage customers. Lloyds’ chief financial officer, William Chalmers, said: “So far at least, our customers are proving to be resilient and adapting well to the cost-of-living increases that we have seen.
• Gold rate today: Yellow metal edges higher; silver marches lower to Rs 58,000 on MCXGold is considered a hedge against inflation, while higher interest rates increase the opportunity cost of holding zero-yield bullion. Top gold consumer China's economy rebounded at a faster-than-anticipated clip in the third quarter, but a more robust revival in the longer term will be challenged by persistent COVID-19 curbs, a prolonged property slump and global recession risks.
• Bank of Baroda, Bank of India hike home loan interest rates: Check details hereKeeping up with the hike in repo rate announced by the Reserve Bank of India in the fifth monetary policy announcement, the Bank of Baroda and Bank of India has also hiked the home loan interest rate. Read on to know the latest interest rates effective from October 1, 2022.
• SBI hikes base rate, Benchmark Prime Lending Rate (BPLR) by 70 bpsSBI had last hiked its base rate and BPLR on June 15, 2022 as per its website.
• SBI hikes base rate by 0.1 per centSBI has migrated to External Benchmark Lending Rate (EBLR) linked to repo rate since January 2019. There is no change in EBLR rate and this rate changes with change in benchmark interest rate of Reserve Bank of India (RBI).
• RBI keeps repo rate unchanged: What home loan, auto loan, personal loan borrowers should do nowWith RBI maintaining status quo, banks most likely will not increase interest rates on loans any time soon.Here is a look at how existing borrowers and those looking to take a new loan (be it home loan, car loan, or personal loan) can take advantage of RBI's pause.
• Home, consumer loans from NBFCs to become cheaperThe average base rate of 5 largest commercial banks in India has fallen by 0.15% from 7.96% to 7.81% for the quarter ending March 31, 2021.