Interest Rate Cut: If you are dreaming of buying a house or a car, then this can be a special opportunity for you. Actually, two big banks of the country have cut their SCLR rate. Let us tell you that the country’s second-largest bank, PNB and Bank of India have reduced the interest rates on loans. Both banks have reduced the MCLR at the beginning of September. Due to the reduction in MCLR, the interest rates on home loans, car and personal loans will come down. These changes have come into effect from 1 September 2025. This will provide some relief to those customers.
For information, let us tell you that in the August 2025 monetary policy by the RBI, the repo rate was kept stable at 5.5 percent. But banks have reduced their MCLR to attract customers and maintain competition.
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Know the new rates of PNB
Let me tell you that earlier the marginal cost was 8.15 fees, which has been reduced to 8 percent. In this, the 1-month marginal cost has been reduced from 8.30 percent to 8.25 percent. The 3-month margin cost has been increased from 8.50 percent to 8.45 percent. The 1-year marginal cost has been 8.85 percent to 8.80 percent. The 3-year MCLR has been increased from 9.15 percent to 9.10 percent. MCLR will directly affect home loan customers.
Know the new rates of BOI
Explain that BOI has reduced MCLR to 7.95 percent on almost all tenures. In which 1 month marginal cost has been reduced from 8.40 percent to 8.30 percent. With this, the 3-month margin cost has increased from 8.55 percent to 8.45 percent. The 6-month MCLR has come down from 8.80 percent to 8.70 percent. The 1-year MCLR has increased from 8.90 percent to 8.85 percent. The 3-year MCLR has increased from 9.15 percent to 9 percent.
Know who will get the benefit
For information, let us tell you that after the reduction in MCLR rates, the impact will be on the EMI of floating rate loans like home loans, auto loans, and personal loans. Due to the reduction in interest rates, customers will have to pay less EMI. New floating rate loans are now linked to EBLR. Banks also give customers the option to shift from MCLR to EBLR if they want. Overall, this step has proved to be a relief for the customers. Especially for those whose loans are still linked to MCLR.