GOOD NEWS: Home loans, cars and personal loans, SBI reduced interest rate today, cheaper than today
NEW DELHI: RBI Governor Shashiktikant Das told banks two days ago that they would benefit from repo rate cuts to consumers. Following his appeal, the country’s largest bank, SBI, has reduced the MCLR by 5 points. With this reduction, other loans including home loans, car loans, personal loans will be cheaper. The bank has reduced interest rates for all types of loans. Following the reduction, the interest rate for one year loan has come down from 8.45% to 8.40%.
According to the SBI, the interest rate on all types of loans linked to MCLR will decrease by five points from 10 July 2019. This is the third time the rate of interest reduction in fiscal year 2019-20. Following the reduction, the home loan can be cheaper from April 10 to 0.20%.
It is noteworthy that RBI Governor Shankhikant Das said that the repo rate has been reduced by 75 points so far. But the benefits of this have not been enough for the customers. Only one third of the benefits are reached. He also said that compared to the earlier, cut-cut transmission takes less time. Earlier it took at least six months for this work. But now the benefits of the customer can be delivered only in 2-3 months.
GOOD NEWS: Home loans, cars and personal loans, SBI reduced interest rate today