New Delhi: Ever since the RBI cut the repo rate, loans were expected to become cheaper, which all the account holders were keeping an eye on. Three major government banks have decided to reduce the rates related to loans. Bank of Baroda, Indian Bank and Punjab National Bank have also announced a cut in the interest rates of their loans.
This will now provide great relief to the common customers. Along with the loan becoming cheaper, the burden of EMI can also be reduced. This decision of the banks is being seen as a significant gift.
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Indian Bank took a big decision.
Chennai-based Indian Bank has decided to cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. It has now been decided to reduce the repo benchmark rate of the bank from 6.25 percent to 6.00 percent. It has come down from rblr to 8.70 percent.
The bank has said this in the information given to the stock market. This aligns with the RBI’s policies of providing loans at affordable interest rates. These rates will remain applicable till the following review. The time limit for the following review has not yet been decided.
PNB gave big relief
The country’s second largest bank, PN B, has decided to reduce its repo-linked lending rate by 25 basis points from 9.10 percent to 8.85 percent. The bank also clarified that there will not be any change in its MCLR and base rate. Only customers whose loans are linked to RLLR will benefit from low EMI.
Bank of Baroda also reduced the rate.
Do you know that the Bank of Baroda has also greatly relieved its account holders?. The bank has decided to reduce the interest rate on loans by 0.25 to provide convenience to the customers. This decision was taken after the repo rate reduction by the Reserve Bank of India. With this, retail and small business people will now get loans at lower interest rates. The bank has not made any changes to MCLR.
Know what will be the effect?
After the RBI reduces interest rates, other banks can reduce loan rates this way. This will make loans cheaper. After the RBI’s order, home loan, personal loan, and auto loan holders can get significant relief.
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