State Bank of India, Bank of India, and Bank of Maharashtra have reduced their lending rates by 25 basis points starting today, making loans more affordable for both new and existing borrowers. The move follows the Reserve Bank of India’s recent decision to lower the repo rate.
With this revision, SBI’s Repo Linked Lending Rate now stands at 8.25 percent. The bank has also reduced its External Benchmark Based Lending Rate to 8.65 percent. Similarly, Bank of India has announced a rate cut, bringing its home loan interest rate down to 7.9 percent per annum, depending on the borrower’s CIBIL score.
Bank of India has also lowered interest rates by 25 basis points across a range of existing retail loan products. These include vehicle loans, personal loans, loans against property, education loans, and reverse mortgage loans. Alongside these changes, the bank has discontinued its 400-day special fixed deposit scheme, which previously offered an interest rate of 7.3 percent.
Bank of Maharashtra has adjusted its repo-linked lending rate from 9.05 percent to 8.80 percent. Since the bank’s retail loans are linked to this rate, the reduction applies to home, car, education, gold, and other retail loans. Home loan rates from the bank will now start at 7.85 percent per annum, while car loans begin at 8.20 percent per annum.
These changes come after the RBI’s Monetary Policy Committee reduced the repo rate by 25 basis points on April 9, bringing it down to 6 percent. This was the second rate cut in as many months, amounting to a total reduction of 50 basis points.
