Bank of Maharashtra slashes retail loan rate by up to 50 bps
State-owned
Bank of Maharashtra
on Thursday said it has reduced its interest rate by up to 50 basis points on retail loans, including home, car, education and other loans linked with Repo Linked Lending Rate.
The interest rate reduction by Pune-based lender is in line with the rate moderation done by
RBI
last week and the new rates are effective from June 10.
With the
rate cut
, its home loan now starts from 7.35 per cent and car loan from 7.7 per cent, which is among the lowest interest rates in the banking industry, BoM said in a statement.
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This benefit of reduced interest rates reflects the bank's commitment to offer best financing solutions to all its customers and help them fulfil their dreams, it said.
In the current interest rate landscape, the bank is making retail loans cheaper to bring in cheer among its customers, it added.
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Meanwhile,
Bank of Baroda
(BoB) also reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across various tenors from one month to one year.
Following the RBI action, many banks have slashed lending rate, and remaining will follow suit soon.
On Friday, the RBI slashed benchmark interest rate by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy.
The RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or
repo rate
by 50 basis points to 5.5 per cent.
It also slashed the cash reserve ratio by 100 basis points to 3 per cent in tranches that will add Rs 2.5 lakh crore to already surplus liquidity in the banking system.
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