NEWS
Repo cut: Bank of Maharashtra reduces retail loan rates
Bank of Maharashtra reduces interest rates by 25 basis points on a range of retail loans, including home, car and education; others to cut rates are PNB, Bank of India and Indian Bank.
Bank of Maharashtra reduces interest rates by 25 basis points on a range of retail loans, including home, car and education; others to cut rates are PNB, Bank of India and Indian Bank.
Public sector lender Bank of Maharashtra has reduced interest rates by 25 basis points on a range of retail loans, including home, car and education.
The lowering of the bank’s repo-linked lending rate (RLLR) comes into effect a day after the Reserve Bank of India (RBI) announced on 5 December a cut in the key policy rate by 25 basis points to 5.25%.
The lender's home loan starts from 7.10% interest rate and car loan from 7.45%, which is among the lowest in the banking industry, Bank of Maharashtra said in a statement.
The RBI’s lower benchmark rate has provided space for banks to ease lending rates for consumers and businesses.
"In the current high-interest rate landscape, the bank is making retail loans cheaper to bring in cheer among customers," the bank said.
The revised rates cover all retail loans linked to the RLLR.
The other banks to reduce their lending rates linked to the RLLR include Punjab National Bank, Bank of India and Indian Bank.
