BOI drastically cut interest rates- Home loan, car loan will be cheap, EMI burden will be reduced
Bank of India (BOI Home loan interest rate) has also announced a reduction of 0.15 percent to 0.25 percent in MCLR.
Public sector Bank Of India on Sunday announced a 0.75 per cent reduction in the interest rate on external benchmark based products.
With this, the bank will now charge interest at 7.25 per cent on external benchmark based loans.
The bank’s external benchmark lending rate is linked to the RBI’s repo rate.
The central bank announced a steep reduction of 0.75 per cent in the repo rate on 27 March. Now the repo rate of RBI is 4.40 percent. New rates announced by Bank of India will be effective from April 1
BOI home loan interest, car loan will be cheaper
“The external benchmark lending rate has been cut by 0.75 per cent and has become 7.25 per cent annually,” said a statement issued by Bank of India.
Along with this, we have given the benefit of deduction from RBI to our home, vehicle loan customers and MSME customers. ”
Also decrease in MCLR
Apart from this, the bank has also announced a reduction in Marginal Cost of Fund Based Lending Rate (MCLR) from 0.15 per cent to 0.25 percent.
The bank has announced a reduction of 0.15 percent in the interest rate for one day loan.
At the same time, the loan has become cheaper by 0.25 percent from one month to one year. The bank’s one-year MCLR has become 7.95 percent.
SBI has also reduced the rate
Earlier, the country’s largest bank SBI also announced a huge reduction in interest rates.
This will benefit the customers taking loans from banks, whose income has been affected due to the lockdown.
Reduction in interest rates will reduce the burden of EMI from people.
Biggest Bumper Offer to all BOI home loan interest rate.