Bank of Maharashtra made a big announcement on Monday. The bank has reduced interest rates by 0.15 per cent based on RLLR-Repo Linked Lending Rate (RRLLR). After this decision, now the new interest rates have come down to 6.90 percent. After this decision, the rates of all loans based on RLLR will be reduced by 0.15 percent. Hence, customers will save 0.15% on EMI every month. Apart from this, the bank has also announced not to take the processing fees.
New rates came into effect from 7 November: According to the information released by the bank, the new rates have come into effect from 7 November 2020. The bank has reduced interest rates on home loan, car loan, gold loan, education loan, and MSME by 0.15 percent. The bank’s executive director Hemant Tamta says that during this festive season, the bank has also decided not to charge processing fees on home, car and gold loans.
Women will get more exemption: In the statement issued by the bank, it has been told that women will get additional rebate of 0.05 percent. Apart from this, an additional rebate of 0.05 per cent has also been announced for those working in defense (Army, Navy and Air force).
Bank of Baroda also gave a Diwali gift: Let us tell you that earlier, Bank of Baroda also announced a reduction in interest rates by giving a Diwali gift to its customers. The third largest bank, Bank of Baroda (BoB), has reduced the repo rate linked loan interest rate (BRLLR) from 7 percent to 6.85 percent.
These new rates of the bank will be applicable from 1 November 2020. Harshad Kumar T. Solanki, General Manager (Rehan and other retail lending business) of the bank said in a statement on Saturday that it will benefit the customers of home loan, mortgage loan, car loan, education loan, personal loan etc.
Union Bank of India has also reduced rates: Public sector bank Union Bank of India (UBI) said that it has reduced interest rates by 10 basis points for home loans above Rs 30 lakh. The bank said in a statement that women loan holders will get an additional rebate of 5 percent over this reduction in the interest rate for such loans. The new rates will be applicable from 1 November.
With this change, male loan holders, whose credit score is more than 700, will be offered a home loan at 7%. The lender further said that it will not charge any processing fee on the home loan till 31 December 2020. Apart from this, UBI has also waived legal and valuation charges up to Rs 10,000 in case of takeover of home loan. The bank also said that it will not take any processing charge on the car and education loan.
(Source: news18.com)
Ms Kalinga