The Reserve Bank of India (RBI) has announced a reduction of 25 basis points in the repo rate, bringing it down to 5.25%. This has led many banks to decrease their interest rates, directly impacting consumers. As a result, borrowers will now have to pay lower interest on their loans, ultimately reducing the loan interest rates and EMIs. Let’s find out how much various banks have lowered their interest rates.
Punjab National Bank, a renowned bank in the country, has reduced its Repo-Linked Lending Rate (RLLR) by 0.25 basis points, from 8.35% to 8.10%. This move will slightly decrease the cost of loans for PNB customers. However, there have been no changes in the Marginal Cost of Funds Based Lending Rate (MCLR).
Bank of Baroda has also announced a reduction in their interest rates post the change in repo rate. The Bank has lowered its Baroda Repo Linked Lending Rate (BRLLR) by 25 basis points, bringing it down from 8.15% to 7.90%.
Indian Bank has followed suit by reducing its Repo Linked Benchmark Lending Rate (RBLR) from 8.20% to 7.95%. This decision will result in customers paying lower interest rates on loans. The new rates will be effective from December 6th.
Bank of India has also decreased its Repo Linked Lending Rate (RBLR) by 0.25 basis points, providing relief to its customers. The revised RBLR now stands at 8.10%. The new interest rates came into effect from December 5th.
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