Loan Interest Rate: After the RBI reduced the repo rate, now all the banks are gradually decreasing the interest rates of the loan. In this episode, another bank of the public sector made the loan cheaper today. Bank of Maharashtra (BOM) has announced a reduction of 0.25 percent in interest rates of loans connected to the repo rate of the Reserve Bank of India. Bank of Maharashtra said in a statement on Monday that the interest rates (RLR) of the bank’s repo’s repo (RLR) have now been reduced from 9.05 percent to 8.80 percent.
All loans including home loan, car loan, education loan will be cheap
The bank said that the new loan interest rates will make the loan more economical and this will increase the financial profit of customers. Bank of Maharashtra said that all the retail loans they offer are associated with RLLR. Therefore, this cut will benefit all the retail loans including home loan, car loan, education loan, gold loan. Meanwhile, another lender Indian Overseas Bank (IOB) in the public sector has also reduced the interest rate of its major loan from 6.25 percent to 6 percent after the repo rate reduction.
Reserve Bank of India has reduced repo rate for the second consecutive time
Let us tell you that the Reserve Bank of India (RBI) had cut the repo rate by 0.25 percent for the second consecutive time on Wednesday. After this decision of RBI, the repo rate has come down from 6.25 percent to 6.00 percent. Since this decision of RBI, many government and private banks have reduced loan interest rates so far. Banks that have not yet made the loan cheaper will gradually reduce the loans rates. Earlier, the RBI had also reduced the repo rate by 0.25 percent in February, after which the repo rate had come down from 6.50 percent to 6.25 percent.
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