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Bank of Maharashtra (BoM), a premier public sector bank in the country, has slashed its Repo Linked Lending Rate (RLLR) by 40 bps to 7.05 per cent with effect from June 8.
Now all retail loans (housing, education, vehicle), loans to MSMEs, which are linked to RLLR, will be available at cheaper rates. This will further benefit the retail and MSME borrowers, a press release said.
The Bank has also consecutively reduced its Marginal Cost of Funds based Lending Rates (MCLR) for the third month. MCLR rate has been reduced by 20 bps below the existing levels across all tenors with effect from June 8. Bank’s overnight, one month and three months MCLR have been reduced to 7.20 per cent (from 7.40 per cent), 7.30 per cent (from 7.50 per cent) and 7.40 per cent (from 7.60 per cent) in these tenors. For six months, MCLR rates has been revised to 7.50 per cent (down from 7.70 per cent) and one year MCLR to 7.70 per cent (down from 7.90 per cent).
The reduction in MCLR is to support economic growth and industrial development and ensure rate transmission.
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