The Reserve Bank of India (RBI) has so far cut the repo rate by 0.50 percent. The direct impact of this cut is being seen on bank loans and fixed deposits (FDs). After the reduction in the repo rate, so far many small and big banks have revised the interest rates of loans and FDs. So, if you have also taken a loan or invested in FD, then this news is important for you!
Today we will tell you about such big government and private banks, which have reduced the interest rates of loans after the reduction in the repo rate. These banks include SBI, HDFC, Punjab National Bank and the Indian Overseas Bank etc. Let us know about them in detail one by one so that you know how much you can benefit.
State Bank of India
State Bank of India is the largest bank in the country. Today, the branch of this bank is present everywhere, from the village to the city. After the reduction in the repo rate by RBI, SBI Bank has also decided to cut the interest rates of loans.
According to the information received from SBI’s website, the loan interest rate has been reduced by 0.25 percent. The bank has fixed its new repo-linked lending rate (RLLR) at 8.25 percent. At the same time, EBLR has been kept at 8.9 percent. This reduced loan interest rate has come into effect from April 15. If you also have a loan with SBI, then now your EMI can be reduced a bit.
Punjab National Bank
After State Bank of India, the leading government bank PNB (Punjab National Bank) has also reduced the loan interest rates. Punjab National Bank has already kept the new RLLR at the 8.65 percent. Earlier the bank’s RLLR was 8.9 percent. Earlier the bank’s interest rate was 9.1 percent, which has now been kept at 8.85. This is also a relief news for PNB customers, because there will definitely be some reduction in their loan EMI.
HDFC Bank
Apart from government banks, many major private banks have also cut their loan interest rates. HDFC Bank is also one of them. HDFC Bank has reduced its MCLR rate. This MCLR has been fixed differently according to different periods.
If a person takes a home loan from HDFC Bank, then its interest rate will be from 8.7 percent to 9.55 percent. However, it has also depended on your income and the credit score. HDFC customers will also get some benefit from this reduction.
Indian Overseas Bank
Indian Overseas Bank has reduced the loan interest rate from 9.05 percent to 8.7 percent. The bank has also reduced the RLLR from 9.1 percent to 8.85 percent. Apart from this, Bank of Baroda has also reduced the loan interest rates. Bank of Baroda has reduced the loan interest rate from 9.1 percent to 8.85 percent. This is also good news for the customers of these banks.
What will be your interest rate
The loan interest rate is decided by the bank or financial institution based on many factors. The interest rate of different people may be different. However, the effect of this reduction in interest rate will be seen on the EMI of every person. Your actual interest rate will depend on your loan amount, term, your credit score, and bank policies. You should contact your bank for more information.
