The Bank of Maharashtra, a state-owned bank, has announced a reduction in interest rates on various retail loans, including home, car, education, and other loans that are linked to the Repo Linked Lending Rate (RLLR). This move is in line with the Reserve Bank of India’s (RBI) efforts to moderate interest rates. The new interest rates will be effective from June 10.
The reduction in interest rates is up to 50 basis points, which is a significant decrease. This means that borrowers who have taken loans from the Bank of Maharashtra will now have to pay lower interest rates on their loans. The reduction in interest rates is expected to make borrowing cheaper and more affordable for individuals and families.
The Bank of Maharashtra’s decision to reduce interest rates is a response to the RBI’s recent monetary policy decisions. The RBI has been taking steps to moderate interest rates and stimulate economic growth. By reducing interest rates, the Bank of Maharashtra is passing on the benefits of the RBI’s rate cuts to its customers.
The reduction in interest rates will apply to all retail loans that are linked to the RLLR. This includes home loans, car loans, education loans, and other personal loans. Borrowers who have existing loans with the Bank of Maharashtra will also benefit from the reduced interest rates.
The new interest rates will be effective from June 10, which means that borrowers will start paying lower interest rates from that date. The reduction in interest rates is expected to provide relief to borrowers who are struggling to pay high interest rates on their loans.
Overall, the Bank of Maharashtra’s decision to reduce interest rates on retail loans is a positive move that will benefit borrowers and stimulate economic growth. The reduction in interest rates is in line with the RBI’s efforts to moderate interest rates and make borrowing cheaper and more affordable. With the new interest rates effective from June 10, borrowers can expect to pay lower interest rates on their loans and enjoy cheaper credit.