New Delhi: The public sector Bank of Maharashtra has announced a reduction of 0.40 percent in the Repo Linked Lending Rate-RLLR for loans linked to the repo rate. Now the loan rates linked to the repo rate of the bank (BoM) will be 7.05 percent per annum. The new rates will be effective from 8 June. The bank said in a release that the interest rate for all loans related to repo rates like Housing, Education, Vehicles, Small Scale Industries (MSME-MSME), etc. has been reduced by 0.40 percent. Several banks have reduced their loan interest rates after the Reserve Bank of India reduced the repo rate to 0.40 percent last month.
Bank of Maharashtra reduced MCLR by 0.20%
Bank of Maharashtra has also announced a 0.20 percent reduction in Marginal Cost of Funds based Lending Rates-MCLR on bank loans of all categories. It will also be effective from June 8. After this, the interest rate on the loan for a one-year duration came down from 7.90 percent to 7.70 percent. At the same time, the interest rate of the loan for the period of six months has been increased to 7.50 percent. Those who reduce the interest rates on the loan include Punjab National Bank, UCO Bank and Bank of India, etc.
Punjab National Bank also reduced interest rates by 0.5 percent.
Public sector Punjab National Bank (PNB) reduced interest rates on Savings Bank Deposits by 0.5 percent. The reduced interest rates will be effective from July 1. The bank tweeted that the new interest rate on deposits up to Rs 50 lakh will be three percent per annum. Right now it is 3.50 percent. Similarly, on deposits of Rs 50 lakh or more, the interest rate will be 3.25 percent. It is now 3.75 percent.