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This bank cuts home loan rates to 7.90% p.a. and vehicle loan rates to 8.25% p.a. after RBI’s MPC policy.
Indian Bank cuts interest rates on home and vehicle loans by 25 bps.
RBI Repo Rate Cut Impact: In the light of recent policy move by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), Indian Bank has lowered its home loan interest rates from the existing 8.15% p.a. to 7.90% p.a and Vehicle loan interest rates from the existing 8.50% to 8.25% p.a.
This reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable credit access. In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted processing fees and zero documentation charges. This initiative reflects Indian Bank’s commitment in providing its customers with accessible and user-friendly financing choices so they can realize their aspirations of owning a home or vehicle.
Earlier, RBI MPC unanimously decided to cut repo rate by 25 bps to 6 per cent from 6.25 per cent, changing its stance from ‘neutral’ to ‘accommodative’.
SBI Rate Cut Earlier
State Bank of India (SBI) earlier had announced to reduce its lending rate by 25 basis points, giving cheerful news for existing and new borrowers. The latest the Repo Linked Lending Rate (RLLR) of SBI stands at 8.25 per cent now. Several loans including home, personal and automobile will get cheaper for both existing and new borrowers.
SBI has reduced the External Benchmark Based Lending Rate (EBLR) by 25 basis points to 8.65%. The new rates will be effective from April 15, 2025, as per the updated rate information available on the bank’s website.
