Categories: Business

bank of Maharashtra announces cut in lending rate by 40 bps


BoM Cuts Lending Rates

new Delhi. The public sector Bank of Maharashtra on Friday announced a 0.40 per cent reduction in the interest rate for repo rate linked loans. Now the loan rates linked to the bank's repo rate will be 7.05 percent per annum. The new rates will be effective from June 8. The bank said in a release that the interest rate for all loans related to the repo rate like housing, education, vehicles, small scale industries (MSME) etc. has been cut by 0.40 percent.

Many banks have reduced their interest rates after the Reserve Bank of India reduced the repo rate by 0.40 per cent last month. This includes Punjab National Bank, UCO Bank and Bank of India. Bank of Maharashtra has also announced a 0.20 percent reduction in the Fund's Marginal Cost Based Loan Interest Rate (MCLR) on all categories of bank loans. It will also be effective from June 8. After this, the interest rate on the loan for 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.

This post was published on June 6, 2020 1:39 am

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