Public sector Bank of Maharashtra on Monday cut the interest rate by up to 0.10 percent. With this move of the bank, home loans, vehicle loans and other loans will be cheaper. The bank said in a statement that the Repo Linked Interest Rate (RLLR) has been reduced from 6.90 percent to 6.80 percent. The new rates have come into effect from October 11, 2021.
“In addition, the marginal cost based interest rate (MCLR) of the fund has also been cut by 0.10 per cent,” the statement said. After this deduction, the MCLR based interest rate will be 6.70 percent for one day, 6.80 percent for one month, 7.10 percent for three months and 7.15 percent for six months. MCLR for one year has been reduced by 0.05 per cent to 7.25 per cent.
Earlier, Bank of Maharashtra had announced exemption from processing fee for loans against housing, car and gold during festivals. Due to the reduction in the repo rate based interest rate, the interest on housing loans has come down to 6.8 percent, for car loans to 7.05 percent and on gold loans to 7.0 percent.
