Money & Banking

BoM reduces repo-linked lending rate by 10 basis points to 6.80%

Our Bureau Mumbai | Updated on October 11, 2021

RLLR brought down with an eye on the festive season

Bank of Maharashtra (BoM) has reduced its Repo Linked Lending Rate (RLLR) by 10 basis points from 6.90 per cent to 6.80 per cent with effect from October 11.

Customers seeking home loan, car loan, education loan, personal loan and MSME loans can avail themselves of this benefit, the Pune-headquartered public sector bank said in a statement.

With the downward revision in RLLR, interest rates on retail loans now start at 6.80 per cent for home loan, 7.05 per cent for car loan and 7 per cent for gold loan, it added.

Earlier, ahead of the festive season, the bank had waived processing fee on the aforementioned retail loans.

AS Rajeev, MD & CEO, BoM, said the reduction in RLLR along with zero processing charges will benefit customers during the festival season.

The bank had reduced its marginal cost of funds based lending (MCLR) by up to 10 basis points (bps) with effect from October 8.

MCLR in four tenors has been reduced by 10 basis points to 6.70 per cent for overnight; 6.80 per cent for one month; 7.10 per cent for three months; and 7.15 per cent for six months.

One year MCLR has been reduced by 5 bps to 7.25 per cent.

Published on October 11, 2021

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