public Sector Bank of Maharashtra on Sunday announced a reduction in loan interest rates linked to Repo Rate Linked Lending Rate (RLLR) by 0.25 percent. With this decision of Bank of Maharashtra, many other loans including home loan, car loan and education loan will become cheaper. Bank of Maharashtra has taken this decision after the Reserve Bank of India reduced the repo rate by 0.25 percent. Bank of Maharashtra said in a statement that with the amendment effective from Saturday, December 6, the bank’s home loan will start at an interest rate of 7.10 percent and car loan will start at an interest rate of 7.45 percent, which is the lowest in the banking industry.
Reserve Bank of India had cut the repo rate by 0.25 percent on Friday.
The Monetary Policy Committee of the Reserve Bank of India (RBI) on Friday reduced the repo rate by 0.25 percent to 5.25 percent and maintained a neutral stance, due to which there remains scope for further reduction in interest rates. Bank of Maharashtra said, “The reduction in interest rates by the Bank reflects its commitment to provide the best financial solutions to the customers and make their dreams come true. In the current high interest rate environment, the bank is bringing joy to the faces of customers by making retail loans affordable.
These government banks have also reduced loan interest rates
Let us tell you that before Bank of Maharashtra, many other government banks have cut loan interest rates. Indian Bank, Bank of Baroda and Bank of India have also implemented revised loan interest rates. Indian Bank has reduced its repo rate linked key lending rate (RBLR) from 8.2 percent to 7.95 percent. Bank of India has reduced its Repo-Based Lending Rate (RBLR) by 0.25 percent i.e. 25 basis points to 8.1%. Bank of Baroda had also announced to reduce its repo linked lending rate i.e. RBLR from 8.15% to 7.90%.
Latest Business News