If you are also thinking of taking home and car loan then this is the best opportunity, because almost all banks, including the country’s largest bank State Bank of India, have lowered their loan. SBI announced on Wednesday that the fund’s marginal cost-based interest rate (MCLR) on short-term debt has been cut from 0.05 to 0.10 per cent. Explain that this deduction will be applicable from July 10. Apart from this, Canara Bank and Bank of Maharashtra have also announced a reduction in the marginal cost based interest rate of 0.10 percent and 0.20 percent respectively, which became effective from July 7.
Customers will get benefit
Giving information, SBI said that this reduction in MCLR will be applicable on the loan given for three months. With this deduction, the bank’s interest rate on the loan for a period of three months will come down to 6.65% per annum. Explain that the bank has cut MCLR for the 14th consecutive time. This will greatly benefit the customers. Now EMI of home loan will come down.
Which bank cut how much
Bank of Maharashtra (BOM) has reduced the one-year MCLR by 0.20 per cent to 7.50 per cent. Canara Bank reduced the 1-year MCLR to 7.55 percent from the earlier 7.65 percent. Explain that earlier HDFC Bank has also reduced the loan interest rates. HDFC has reduced MCLR by 0.20 per cent. The new rates come into effect from 7 July today.