Home Loan/Car Loan: Public Sector Bank of Maharashtra has given another Diwali gift to customers. The 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. Even before this, the bank had waived processing fees on home loan, car loan and gold loan for customers before the festive season.
Retail and MSME loans of Bank of Maharashtra are RLLR linked. 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. At the same time, the interest rates of MSME loans for small traders will also be reduced.
Let us know that the Reserve Bank has taken several measures in the past to increase consumption and liquidity. This year, the repo rate has also been cut 2 times. After which most banks have reduced the interest rate. At the same time, these days banks are reducing interest rates due to increasing demand for housing. Many government and private sector banks are offering the cheapest loan in last 15 years.
Home loan, new rate of car loan
Home loan rates will start from 6.95 percent after several cuts in interest rates from the bank. Apart from this, women and military personnel will get an additional 0.05 percent discount. Similarly, car loan interest rates will start from 7.55 percent and gold loan rates will start from 7.35 percent. In such a situation, if you are planning to take a home, car or gold loan in Diwali, then this interest rates can prove to be an economical option.
On the other hand, Bank of Baroda has also reduced the repo linked lending rate by 0.15 per cent. The bank’s new rates are now 6.85 percent. It has become effective from 1 November.
Many banks including SBI have reduced interest rate
In order to attract more and more customers during the festive season, many banks including SBI have reduced the interest rates for retail loans. Recently, Kotak Mahindra Bank has reduced the interest rate of home loan. The bank has further reduced it by 0.15 percent, after which the interest rate of the home loan of the bank has come down to 6.75 percent. The new rates of Kotak Bank home loans are effective from 1 November.
SBI is also offering a home loan of Rs 30 lakh at an interest rate of 6.90 percent. The home loan interest rate at Axis Bank starts from 6.9 percent. Home loans in HDFC also start from 6.9 percent. At the same time, the interest rate of home loan in Bank of Baroda starts from 6.85 percent.