The public sector Uco Bank has given good news to those taking home loans. The bank has reduced the interest rate on home loan by 0.25 percent. UCO Bank’s revised home loan rates have come into effect from Wednesday. The bank said in a statement that now the revised interest rate on home loan will start from 6.90 percent. No matter what the loan amount is and whatever the borrower is going to do.
UCO Bank is confident that it will achieve the target of giving a loan of Rs 3,000 crore for the Micro, Small and Medium Enterprises (MSME) sector in October and November during the festival. Out of this, a loan of Rs 1,900 crore has already been approved.
These financial institutions have also cut
Bank of Maharashtra: This bank has cut the repo linked lending rate (RLLR) by 0.15 percent. The new interest rates of repo linked loans are now 6.90 percent. The new interest rates have come into effect from 7 November. The reduction in the repo linked lending rate will make it affordable for customers to take home loans, car loans, gold loans and education loans.
Kotak Mahindra Bank: Kotak Mahindra Bank has also reduced the home loan interest rate by 0.15 percent. The new rates are effective from 1 November.
Bank of Baroda: Bank of Baroda has cut MCLR by 0.05 per cent for various periods. The bank’s new rates are applicable from 12 November 2020. The revised one-year MCLR in the bank is now 7.45 per cent. This rate is standard for all consumer loans like auto, retail, housing. At the same time, the MCLR has been reduced from 6.60 to 7.30 percent on loans ranging from one day to six months.
HDFC Limited: HDFC Ltd has reduced the RPLR on housing loans by 0.10 per cent. The new rates of the company have come into effect from 10 November 2020. At this rate, the company’s home loan fixed rates are fixed. The benefit of this change in interest rate is going to be given to all existing customers.
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