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Loan : The Reserve Bank of India (RBI) has recently reduced its repo rate by 50 basis points. This has now increased the repo rate to 5.50%. After this change, many big banks like Punjab National Bank (PNB), Bank of India and Karur Vaishya Bank have also announced a decrease in their interest rates. If you are going to take a new loan or have already taken a loan, then this change has brought news of relief for you.

Bank reduced interest rates, EMI will now be cheaper

After this decision of RBI, the most benefit will be to those who have taken home loans. In fact, public sector banks and private banks have announced a decrease in their interest rates, which will reduce the EMI of your loan and you will be able to pay a little comfortably.

Punjab National Bank (PNB) announcement

PNB has reduced its repo linked lending rate (RLR) from 8.85% to 8.35%. This means that those taking loans from the bank will get relief in interest. This change is going to be implemented from June 9. If you have taken a loan from PNB, now you can get some relief.

What did Bank of India do?

Bank of India has also cut its interest rates by joining this link. The bank has reduced its repo based lending rate (RBLR) from 8.85% to 8.35%. Its benefit will be available especially to the customers who are taking home loan or personal loan.

Karur Vaishya Bank and Indian Bank also reduced interest rates

Karur Vaishya Bank has announced a cut in MCLR (marginal cost of funds based lending rate). Similarly, Indian Bank has also cut its interest rates by 0.5%, which will give more relief to customers in taking loans.

Why are these changes important?

When the Reserve Bank reduces interest rates, it directly affects those who have taken the loan. Due to these deductions, customers of banks get less EMI filling, which reduces their financial burden. It is a great relief for people thinking of taking home, especially, because the interest rate on the loan taken for homes plays a very important role.

What will be the benefit of these changes?

These changes will not only provide relief to the customers, but the process of taking loans from it will also become easier and cheaper. The lower interest you take, the easier it will be to pay it. If you have already taken a loan, then your EMI can also be reduced due to a decrease in interest rate, which will reduce the pressure on your financial situation. Also, if you are going to get a new loan now, then this is the right time for you because you will get the benefit of cheap interest rates.

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