We are all well aware that it is only in those countries that have a good track record of confidence in their money through policies that generate low and stable inflation that we find low interest rates. A good track record of low inflation does set the ground for low interest rates. Low inflation rates precede low interest rates. The converse is invalid.
Lending rates of commercial banks are often said to be on the high side. There is no doubt an element of truth in this contention. However, it does not necessarily go to say that commercial banks alone are to be blamed for the high lending rates. Often borrowers too share the blame.