Good news amid Coronavirus crisis, loans of four state-run banks have become cheaper. The EMI of your home-auto loan will decrease. These four banks - SBI, BOI, BoB and UBI.
New Delhi, In the midst of the coronavirus Pandemic, four state-owned banks have brought good news to their customers. In the midst of the Corona crisis, the Reserve Bank of India (RBI) on March 27 announced a major cut in the repo rate by 0.75 per cent. Now the four state-owned banks in the country have done the job of extending the loan rates to the customers by curbing the loan rates. The first reduction in interest rates was announced by the State Bank of India (SBI). Subsequently, Bank of India (BOI), Bank of Baroda (BoB) and now the government bank Union Bank of India (UBI) have announced major cut in loan interest rates. At the same time, Union Bank of India has also announced a cut of 0.75 per cent in the loan interest rates associated with its repo rate. After this decision of these banks, you will have power to take home loan or auto loan. Their EMIs will become cheaper.
After this decision of SBI, it has become cheaper for customers to take home loan from the bank. For example, if a customer takes a home loan for a period of 30 years, his EMI will decrease by Rs 52 per lakh. In such a situation, if you take a loan of 30 lakhs for 30 years from SBI, then your EMI will be reduced by Rs 1,560.
New Delhi, In the midst of the coronavirus Pandemic, four state-owned banks have brought good news to their customers. In the midst of the Corona crisis, the Reserve Bank of India (RBI) on March 27 announced a major cut in the repo rate by 0.75 per cent. Now the four state-owned banks in the country have done the job of extending the loan rates to the customers by curbing the loan rates. The first reduction in interest rates was announced by the State Bank of India (SBI). Subsequently, Bank of India (BOI), Bank of Baroda (BoB) and now the government bank Union Bank of India (UBI) have announced major cut in loan interest rates. At the same time, Union Bank of India has also announced a cut of 0.75 per cent in the loan interest rates associated with its repo rate. After this decision of these banks, you will have power to take home loan or auto loan. Their EMIs will become cheaper.
State Bank of India (SBI)
After the RBI announcement, SBI decided to give the benefit of Kauti to the customers in the repo rate. For this, the bank announced a cut in external benchmark lending rate (EBR) and repo linked lending rate (RLLR) by 0.75 per cent. This decision of the bank will come into effect from April 1, 2020. After this decision of SBI, EBR has been reduced to 7.05 percent annually from 7.80 percent. At the same time, RLLR has been reduced to 6.65 percent annually from 7.40 percent.After this decision of SBI, it has become cheaper for customers to take home loan from the bank. For example, if a customer takes a home loan for a period of 30 years, his EMI will decrease by Rs 52 per lakh. In such a situation, if you take a loan of 30 lakhs for 30 years from SBI, then your EMI will be reduced by Rs 1,560.
Bank of India (BOI)
Bank of India cut 75 basis points (0.75 per cent) in external benchmark lending rates on Sunday, giving a big gift to its customers. After this decision, the external benchmark lending rate has come down to 7.25%. This is linked to the repo rate of RBI. In such a situation, customers will get this benefit of the reduction in interest rates from April 1, 2020.Bank of Baroda (BOB)
Bank of Baroda has cut the Baroda Repo Linked Lending Rate (BRLLR) by 75 basis points (0.75%). Following this decision of the bank, the interest rates of personal loans, retail loans and micro small and medium enterprises (MSMEs) have come down to 7.25 per cent. The new rates have come into effect from March 28. New customers will get immediate benefit of this.Union Bank of India (UBI)
At the same time, the public sector Union Bank of India has announced a reduction of 0.75 percent in the loan interest rates associated with its repo rate. After this, the bank's loan interest rates have come down to 7.20 percent. This decision will be beneficial for home, auto and personal loans to micro, small and medium (MSME) industry loans. The special thing is that this decision of the bank also applies to customers of Andhra Bank and Corporation Bank, as these two banks are merging into Union Bank of India on April 1.Tags :- SBI loan interest rates, BOI loan interest rates, BoB loan interest rates, UBI loan interest rates, home loan, auto loan covid 19 pandemic, coronavirus lockdown, coronavirus fear, coronavirus effect, coronavirus epicentre, covid 19 fight, coronavirus pandemic, covid 19 , lockdown situation, coronavirus, coronavirus news, lockdown in india, rbi
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