Bank of maharashtra slashes retail loan rates by 25 bps after rbi cuts repo rate
State-owned Bank of Maharashtra (BoM) has announced reduction in lending rate linked to repo rate by 25 basis points in line with the Reserve Bank's key policy rate.The bank's repo-linked lending rate (RLLR) has now been reduced from 9.05 per cent to 8.80 per cent, BoM said in a statement on Monday.
The Reserve Bank of India (RBI) on Wednesday slashed key interest rates by 25 basis points for the second time in a row to support growth facing the threat of reciprocal tariffs by the US.
The reduced rates will make loans more affordable and enhance the financial well-being of its customers, it said.
Since all retail loans offered by the bank are linked to the RLLR, this reduction would benefit customers availing home, car, education, gold and all other retail loan products, it said.
The home loan offered by the bank would start from 7.85 per cent per annum while car loans will be priced from 8.20 per cent per annum, which are among the lowest in the banking industry, it claimed.
Meanwhile, another public sector lender Indian Overseas Bank (IOB), too, cut its benchmark lending rate in line with repo rate reduction from 6.25 per cent to 6 per cent.
The bank has decided to pass on the rate cut to the customers by reducing the RLLR of the bank by 25 basis points from 9.10 per cent to 8.85 per cent, IOB said in a statement.
Stay updated with The Hindu Editorial Vocab24 app, your definitive source for breaking news and comprehensive coverage from India and around the globe. Whether it's political developments, business updates, sports highlights, the latest technology trends, or current events, The Hindu brings live, accurate, and reliable news directly to your device.
Don’t fall for sensationalized or fake news shared online. Read and share accurate updates with friends and family through The Hindu Editorial Vocab24 app. Download it today!
News Coverage in The Hindu Editorial Vocab24 App
Breaking News: Receive instant notifications on breaking news stories as they unfold. Stay informed about major events and developments in India and around the world with live blogs, news in shorts videos, and concise articles.
Politics: Get the latest updates on Indian politics, including elections, policy changes, government decisions, and political events that shape the nation.
Business and Economy: Stay ahead in the economic landscape with detailed business news and market analysis. Learn about stock market trends, financial reports, corporate news, and economic developments to make informed investment decisions.
Current Events: Follow stories on social issues, policy changes, global events, and daily current affairs, tailored for UPSC and other competitive exam preparations.
Technology: Keep up with the latest gadgets, innovations, and tech trends. Read expert reviews and analyses in short, concise updates on cutting-edge technology from India and beyond.
Sports: Never miss a moment of your favorite sports. Get live scores, match reports, and expert analysis on cricket, football, tennis, and more.
International News: Stay informed about global events and geopolitical developments, including the Russia-Ukraine war, Israel-Palestine conflict, and other key international stories.
Local News: Stay connected to your community with the latest updates on city events, issues, and local news. Coverage includes hyperlocal updates from cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Kolkata, and more.
Trending Topics: Discover what's trending today with the most talked-about stories and hot topics across India and the world.
Experience journalism that values integrity, accuracy, and reliability. Download The Hindu Editorial Vocab24 app today and stay connected with the world.
Subscribe to our newsletter!
