Bank loans become cheaper: Yesterday, after the stock market closed, Punjab National Bank and Bank of India announced a reduction in rates. Earlier, shortly after the Reserve Bank’s announcement, Karur Vysya Bank also announced a reduction in loan rates. If you have taken a home loan from these banks, then your bank EMI will be reduced.
Bank loans become cheaper: On June 6, the Reserve Bank of India took a big decision and reduced the repo rate by 50 basis points, after which the repo rate has now come down to 5.50 percent. After this decision of RBI, banks have also started charging interest on loans. Some banks including PNB and Bank of India have reduced their interest rates. In such a situation, loan takers will get a big relief and those who already have a loan, their EMI will also be reduced.
Yesterday, after the stock market closed, Punjab National Bank and Bank of India announced a reduction in rates. Earlier, shortly after the Reserve Bank’s announcement, Karur Vysya Bank also announced a reduction in loan rates. If you have taken a home loan from these banks, then your bank EMI will be reduced.
Punjab National Bank cuts interest
Punjab National Bank (PNB) said that after the Reserve Bank cut the repo rates, the bank has cut the repo linked lending rates and reduced the rates from 8.85 percent to 8.35 percent. According to the bank, no change has been made in MCLR and base rates. The new rates will be effective from June 9. In Friday’s trading, the stock closed at 110.15 with a gain of more than one percent.
Interest under Bank of India
Bank of India has informed the stock market that along with the reduction in repo rates, changes have been made in repo based landing rates from June 6. After the reduction, RBLR has been reduced from 8.85 percent to 8.35 percent. On Friday, the stock saw a slight increase and the stock closed at the level of 124.3.
Karur Vysya Bank also reduced interest.
Earlier, Karur Vysya Bank on Friday announced a reduction in MCLR i.e. Marginal Cost of Funds Based Landing Rates. According to the information given by the bank, 6-month MCLR and 12-month MCLR have been reduced. According to the information, 6-month MCLR has been reduced from 9.9 percent to 9.8 percent. While 1-year MCLR has been reduced from 10 percent to 9.8 percent.
Indian Bank also reduced interest.
Indian Bank said that in view of the reduction of half percent in the policy repo rate by the Monetary Policy Committee, the bank has revised the repo benchmark rates. Repo linked benchmark landing rates have been reduced from 8.7 percent to 8.2 percent. The new rates will be applicable from 9 June 2025.
