News of relief for home, auto, MSME loans, this bank will give cheap loans

News of relief for home, auto, MSME loans, this bank will give cheap loans

 There is good news from Bank of India for those who want to take a loan.  Now it is cheaper to take all types of loans from Bank of India, from home loans, vehicle loans to MSMEs.


 The bank has reduced all these types of interest rates by 0.25 per cent.  The bank has announced a 0.25 per cent reduction in the marginal cost of funds based lending rate (MCLR).  This will make it cheaper to take home loans, auto loans and all types of MSME loans.  The new interest rates will come into effect from June 1, 2020.

 Interest rates will fall

 A statement issued by the bank said the annual interest rate on one-year loans has been fixed at 7.70 per cent, up from 7.95 per cent after the new interest rate was introduced.

 Similarly, the interest rate for a six-month loan will be 7.60 per cent and the monthly loan will be 7.50 per cent.

 The bank said it had also slashed interest rates on loans linked to the Reserve Bank's repo rate by 0.40 per cent to 6.85 per cent.

 The Reserve Bank had on May 22 reduced the repo rate

 The Reserve Bank of India (RBI) cut the repo rate by 0.40 per cent when it introduced its monetary policy on May 22.  That means the repo rate was 4.40 per cent, which is now 4 per cent.

 Who will benefit

 Bank of India's decision will benefit millions of home loan borrowers, auto loan borrowers and MSME customers.

 This decision of the bank will reduce their EMI.

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