Customers to Benefit as BOM Aligns Lending Rates with Policy Benchmark
New Delhi, April 14 In a significant move that brings relief to borrowers, the Bank of Maharashtra (BoM) has announced a 0.25% reduction in its retail lending rates, directly linked to the Reserve Bank of India’s (RBI) key policy rate. The revision comes in response to the RBI’s latest decision to cut the repo rate by the same margin.
The Repo Linked Lending Rate (RLLR) of the bank has been brought down from 9.05% to 8.80%, effective immediately, making personal loans, including home, car, education, and gold loans, more affordable for consumers.
Affordable Borrowing Across Retail Loan Categories
In an official statement released Monday, Bank of Maharashtra confirmed that the reduced interest rates would significantly lower the cost of borrowing across its range of retail loan products. The bank now offers home loans starting at just 7.85% per annum and car loans at 8.20% per annum, positioning itself among the most competitive lenders in the Indian banking sector.
This move is expected to enhance credit flow and increase loan accessibility for both salaried and self-employed individuals amid an evolving interest rate environment.
RBI’s Policy Push Triggers Industry-Wide Response
The Bank of Maharashtra’s rate cut follows the Reserve Bank of India’s second consecutive 0.25% reduction in the repo rate, which now stands at 6.00%, down from 6.25%. This policy move aims to stimulate economic activity and improve liquidity in the system.
Several public and private sector banks have responded to the RBI’s stance by adjusting their loan interest rates to make borrowing more attractive. BoM’s prompt alignment with the repo rate is seen as a proactive effort to support the economy and provide customers with cost-effective financing options.
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- My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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