Bank of Maharashtra Slashes RLLR, MCLR
New Delhi: Bank of Maharashtra has slashed repo linked lending rate (RLLR) by 0.75 percentage points with effect from 7 April. All housing, education and vehicle loan and even MSME loans will be available at the new rates.
The bank would slash its marginal cost of funds based lending rates (MCLR) across all tenors up to 0.25 percentage points, it said in a statement. The one year MCLR would be cut to 8 percent from the present 8.25 percent. For six months, MCLR rate would be cut to 7.80 percent from the present 7.90 percent.
A number of banks have cut the interest rates after Reserve Bank of India's (RBI) recent announcement to slash repo rate by 0.75 percentage points.