new Delhi. The country’s state-run Bank of Baroda has given a big gift on the occasion of Diwali. On this occasion, the bank has cut rates of home, personal and auto loans. This deduction is of 5 basis points. Which will provide a big relief to the borrowers. After deducting the MCLR, the interest rate of the loan interest of different tenors will come down. Recently, several banks have announced a cut in interest rates.
MCLR rate cut
Banc has reduced the MCLR of the year from 7.5 per cent to 7.45 per cent. After which auto, personal and home loan rates will come down. On loans ranging from one day to six months, the MCLR has been reduced from 6.60 to 6.30 per cent.
On the other hand, earlier the RRLR was cut by the bank. Which was reduced from seven per cent to 6.85 per cent. This new rate of the bank has come into effect from November 1, 2020. According to the bank’s general manager Harshad Kumar T. Solanki, this will greatly benefit the customers of home loan, mortgage loan, car loan, education loan, personal loan.
These banks have also cut
Canara Bank has also cut the MSLR based loan interest rate. In this, 15 basis points have been reduced on the interest rate on loans of one day, one month and three months. The interest rate on 6 months and one year loans has been reduced by 5 basis points. The repo rate linked lending rate ie RLLR has been kept unchanged at 6.90 per cent.