Home Loan Interest Rate Reduce: After the Reserve Bank of India’s decision not to make any change in the repo rate, a bank has cut the loan interest rate. The bank has reduced the interest rate of home loan and car loan. Along with this, the processing fee has also been cut. Bank of Maharashtra has informed about interest rate cut on Saturday.
The country’s public sector bank has reduced up to 20 basis points on home and car loans. After this reduction, the home loan will now be available at an interest rate of 8.50 per cent, reduced from 8.60 per cent. At the same time, the car loan has reduced by 20 basis points to reach 8.70 percent. Bank of Maharashtra said in its statement that the new rate will be considered effective from August 14.
Customers will get double benefit
The government bank said in its statement that the customers taking loans from here will have to pay less processing fees along with loans at low interest. In such a situation, the burden of debt on the customers will be less. Due to this, the number of customers taking loan can increase than before. The bank said in its statement that the customers who have already taken loan here will also be helped in reducing their EMI.
The bank had waived the processing fee
Before the reduction in the interest rate of the loan, the government bank had waived the processing fee on many types of loans while making a big announcement. The bank had waived off the processing fee for its other retail schemes like education loan and gold loan as part of its Udaan campaign. This means that if someone takes loans like education and gold from this bank, then there will be no need to pay processing fees.
RBI took important decision
It may be noted that the monetary policy meeting of the Reserve Bank of India was held from 8th August to 10th August. After the meeting, RBI Governor Shaktikanta Das had decided to keep the repo rate stable for the third time in a row. Along with this, the reserve repo rate was also kept unchanged. At present, the RBI repo rate remains stable at 6.5 percent. The central bank has taken this decision in view of inflation and other&zwj reasons.
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