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Yesterday, after the stock market closed, Punjab National Bank and Bank of India announced a reduction in rates. Earlier, shortly after the Reserve Bank’s announcement, Karur Vysya Bank also announced a reduction in loan rates. If you have taken a home loan from these banks, then your bank EMI will be reduced.

On 6th June, the Reserve Bank of India took a big decision and reduced the repo rate by 50 basis points, after which the repo rate has come down to 5.50%. After this decision of the RBI, banks have also started charging interest on loans. Some banks, including PNB and Bank of India,  have reduced their interest rates. In such a situation, loan takers will get a big relief, and those who already have a loan, their EMIs will also be reduced.

Yesterday, after the stock market closed, Punjab National Bank and Bank of India announced a reduction in rates. Earlier, shortly after the announcement of the Reserve Bank, Karur Vysya Bank also announced a reduction in the loan rates. If you have taken a home loan from these banks, then your bank EMI will be reduced.

Punjab National Bank reduced interest rates.

Punjab National Bank (PNB) said that after the Reserve Bank cut the repo rates, the bank has cut the repo linked landing rates and reduced the rates from 8.85 percent to 8.35 percent. According to the bank, no change has been made in MCLR and base rates. The new rates will be effective from June 9. In Friday’s trading, the stock closed at 110.15 with a gain of more than one percent.

Interest under the   Bank of India

At the same time, the Bank of India has informed the stock market that, along with the reduction in repo rates, changes have been made in repo-based landing rates from June 6. After the reduction, RBLR has been reduced from 8.85 per cent to 8.35 per cent. On Friday, there was a slight increase in the stock, and the stock closed at the level of 124.3.

Karur Vysya Bank also reduced interest rates.

Earlier, Karur Vysya Bank on Friday announced a reduction in MCLR i.e. Marginal Cost of Fund Based Landing Rates. According to the information given by the bank, 6-month MCLR and 12-month MCLR have been reduced. According to the information, 6-month MCLR has been reduced from 9.9 percent to 9.8 percent. While 1-year MCLR has been reduced from 10 percent to 9.8 percent.

Indian Bank also reduced interest rates.

Indian Bank said that in view of the reduction of half percent in the policy repo rate by the Monetary Policy Committee, the bank has revised the repo benchmark rates. Repo linked benchmark landing rates have been reduced from 8.7 percent to 8.2 percent. The new rates will be applicable from June 9, 2025.