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SBI, BOM, IOB gave big gifts to customers, loans become cheaper now

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SBI, BOM, IOB have given great gifts to their customers. After SBI Bank, Bank of Maharashtra and Indian Overseas Bank have also reduced the marginal cost of funds. Both these banks have reduced MCLR by 0.10 percent. Bank of Maharashtra has reduced the MCLR from 7.40 per cent to 7.30 per cent and 7.30 per cent to 7.25 per cent, respectively, on Monday and one month and six months.

Earlier, SBI also reduced the reset frequency from one year to six months. Currently, SBI’s one-year MCLR is 7 percent and the six-month MCLR is 6.95 percent. With this, customers will now be able to get loans at a lower cost than before.

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New rates of bank of maharashtra
The new rates of Bank of Maharashtra came into effect from Monday. According to the bank, the MCLR on one-year and six-month loans has been reduced from 7.40 per cent to 7.30 per cent and 7.30 per cent to 7.25 per cent, respectively. Bank of Maharashtra has revised the MCLR for one-day, one-month and three-month loans to 6.80%, 7% and 7.20% respectively.

New rates of Indian Overseas Bank
Indian Overseas Bank has stated that the MCLR has been reduced by 0.10 per cent for all term loans. The bank’s one-year loan has been reduced to MCLR of 7.55 per cent, from 7.65 per cent previously, the three-month and six-month MCLR has been reduced to 7.45 per cent and 7.55 respectively. The bank said that the new rates will be applicable from September 10.

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Loan will be cheaper
Explain that banks offer MCLR linked loans with a one-year reset frequency, so that customers take longer to get the benefit of a cut in the bank’s MCLR after the loan.

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