After the reduction in repo rate, taking loan became cheaper!
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india on wednesday cut the repo rate by 25 basis points. With this, the repo rate has now come down to 6 percent. Due to this, many banks have also reduced their lending rates i.e. the interest rate at which the bank gives loan or lending. In such a situation, now the EMI on car, home or personal loan will also be reduced. Let us see which big government banks have taken the decision to reduce the interest rate.
bank of Baroda
After the reduction in repo rate, bank of Baroda's overnight marginal cost of funds-based lending rate (MCLR) has become 8.15 percent overnight. While one-year MCLR has come down to 9 percent. The bank announced a cut in interest rates for retail and micro, small and medium enterprises (MSME) on Thursday. MCLR means the minimum interest rate at which the bank gives you a loan. The purpose of this move is to provide loans to individuals and businesses at cheaper rates so that economic growth can be boosted as well as financial inclusion can be supported.
indian Bank
Chennai-based indian bank has announced a cut of 35 basis points in its repo-linked interest (RPLR). With this, it will be reduced to 8.70 percent. This is coming into effect from april 11.
Punjab National Bank
Punjab National bank (PNB) has also reduced its repo-linked interest (RPLR) from 9.10 percent to 8.85 percent.
UCO Bank
UCO bank has also reduced its repo-linked interest (RPLR) to 8.8 percent, which will be effective from april 10, 2025.
bank of India
The new RPLR of bank of india is 8.85 percent, which was earlier 9.10 percent. The bank has informed that it will be effective from Wednesday.
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