I would like to ask what is the difference between interest rate of 3.84+0.66 and 3.2+1.3 given by different bank
On first glance you will know that both the Effective Lending Rate is 4.5%. What lingers in your mind is which bank should I choose. Both interest rates are the same.
If you look further based on the new interest rate which is called Base Rate (BR) it is not the same for every bank. I can be a different of 1% among banks. You want to know more about Base Rate read at Base Rate Explained
The best answer I can give is to choose the more stable bank. Why? Today, the effective lending rate can be the lowest, it can be the highest next year. You will be paying much more. There are more determining factors in determining the effective lending rate under BR regime as compared to Base Lending rate.
The next question is which is more stable bank
Well you will have to do your research. If you favor this banks more than you choose.
From the desk of