On June 6, the Reserve Bank of India took a major decision and reduced the repo rate by 50 basis points, after which the repo rate has come down to 5.50 percent now. At the same time, after this decision of RBI, banks have also started interest on loans. Some banks including PNB and Bank of India have reduced their interest rates. In such a situation, those taking loans will get great relief and those whose loan is already running, their EMI will also be reduced.
After the stock market was closed yesterday, Punjab National Bank and Bank of India announced a cut in rates. Earlier, shortly after the announcement of the Reserve Bank, Karur Vaishya Bank also announced to make the debt rates cheaper. If you have taken a home loan from these banks, then the EMI of your bank will be reduced.
Punjab National Bank reduced interest
Punjab National Bank (PNB) said that after the repo rate cut by the Reserve Bank, the bank has cut repo linked landing rates and reduced the rates from 8.85 per cent to 8.35 per cent. According to the bank, no changes have been made in MCLR and base rates. The new rates will be applicable from June 9. In Friday trading, the stock has closed at 110.15 with an increase of more than one per cent.
Interest under Bank of India
At the same time, Bank of India has informed the stock market that changes have been made in repo -based landing rates with repo rate cuts from June 6. After the cut, RBLR has been reduced from 8.85 percent to 8.35 percent. On Friday, the stock saw a slight increase and the stock closed at 124.3 levels.
Karur Vaishya Bank also reduced interest
Earlier, Karur Vaishya Bank has announced a cut in MCLR i.e. Mercinel Cost of Fund based landing rates on Friday. According to the information given by the bank, 6 months MCLR and 12 months MCLR have been cut. According to the information, 6 months of MCLR has been reduced from 9.9 percent to 9.8 percent. While 1 year MCLR has been reduced from 10 percent to 9.8 percent.
Indian Bank also reduced interest
Indian Bank said that the bank has amended the repo benchmark rates by the Monetary Policy Committee in view of the reduction in the policy repo rate. Repo linked benchmark landing rates have been reduced from 8.7 percent to 8.2 percent. The new rates will be applicable from 9 June 2025.