Loan Interest Rate: The effect of Reserve Bank of India (RBI) announcement of 25 basis point reduction in repo rate is now visible. RBI had decided to increase the repo rate to 5.25 percent. Many banks have reduced their interest rates.
Which will have a direct impact on the customers. Now they will have to pay less interest for the loan than before. That means both loan interest rate and EMI will reduce. Now the EMI burden on people will be less. Let us know, by how much various banks have reduced their interest rates…..
Punjab National Bank
The country’s famous public sector bank PNB has cut its interest rates. The bank has decided to reduce its Repo Linked Lending Rate (RLLR) by 0.25 percent. After which the bank’s RLLR has reduced from 8.35 percent to 8.10 percent.
Its direct effect will be that the cost of taking loan for PNB customers will reduce slightly. However, the bank has not made any changes in MCLR. The new rates have become effective from December 6.
Bank of Baroda
After the change in repo rate, Bank of Baroda has also announced a cut in its interest rates. The bank has reduced its Baroda Repo Linked Lending Rate (BRLLR) by 25 basis points. Due to which the BRLLR of the bank has reduced from 8.15 percent to 7.90 percent.
Indian Bank
Indian Bank has announced a reduction in its interest rates. The bank has decided to reduce its Repo Linked Benchmark Lending Rate (RBLR) from 8.2 percent to 7.95 percent. Due to which customers will have to pay lower interest rates for the loan. The new rates are effective from December 6.
Bank of India
Giving relief to the customers, Bank of India has also decided to reduce its Repo Based Lending (RBLR) by 0.25 percent. With this decision the new RBLR rate has become 8.1 percent. New interest rates in the bank have been implemented from December 5.
Also read: Before investing, know the return game of monthly vs lumpsum SIP, otherwise huge loss can happen.
