Punjab National Bank: Punjab National Bank (PNB) has announced a huge relief to its customers and announced the cut in loan interest rates. The bank has reduced 50 basis points (0.50%) in its Repo Linked lending Rate (RLR). This decision has been taken after the Reserve Bank of India (RBI) recently reduced the repo rate from 6% to 5.50%.
New rates have been implemented since 9 June 2025
PNB informed on the social media platform x that the new interest rates will be applicable from 9 June 2025. Now the interest rates on the loan will be like this.
Home Loan: Starts at 7.45% annually
Vehicle Loan: Starts at 7.80% annually
This will give home loan, car loan and small business loan customers less EMI.
Both old and new customers will benefit
The EMI of customers whose loans are already associated with RLR, will automatically reduce the next billing bicycle. At the same time, those who want to take a new loan, will now get a loan at a low interest rate.
Impact of change in repo rate
RBI kept the repo rate stable at 4% at the time of Kovid epidemic (May 2020 to April 2022). After this, the repo rate was gradually increased to 6.5% from April 2022 to February 2023. Now two years later, RBI has again started cutting interest rates. This decision will prove to be very beneficial for home buyers, car loans taking and small businessmen.
These banks have also reduced interest rates
Bank of Baroda has reduced its Baroda Repo Based lending Rate (BRLR) from 8.65% to 8.15%. This new rate has come into force from 7 June 2025. BOI has reduced its Repo Based lending Rate (RBLR) from 8.85% to 8.35%. This new rate is applicable from 6 June 2025. Indian Bank has reduced its Repo Linked Benchmark Lending Rate (RBLR) from 8.70% to 8.20%. This new rate has also come into force from 6 June 2025. Apart from these, HDFC, the country’s largest private sector bank, has also cut MCLR on 7 June.
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