Advertisement
Monday, Oct 03, 2022
Outlook.com
Outlook.com

Bank of Maharashtra Cuts Lending Rate By Up To 0.1 Per Cent

Repo Linked Lending Rate (RLLR) has been reduced from 6.90 per cent to 6.80 per cent with effect from October 11, 2021, it said in a statement.

Bank of Maharashtra Cuts Lending Rate By Up To 0.1 Per Cent
Bank of Maharashtra Cuts Lending Rate By Up To 0.1 Per Cent
outlookindia.com
2021-10-11T14:02:24+05:30

State-owned Bank of Maharashtra on Monday said it has reduced lending rate by up 10 basis points, a move which will make housing, car and other loans cheaper.

Repo Linked Lending Rate  (RLLR) has been reduced from 6.90 per cent  to 6.80 per cent with effect from October 11, 2021, it said in a statement.

Customers availing home, car, education, personal loans along with MSME loan products can avail this benefit, it said.

“Moreover, MCLR has also been reduced up to 10 basis points. MCLR for overnight reduced to 6.70 per cent, 1 month (6.80 per cent), 3 months (7.10 per cent) and 6 months tenure to 7.15 per cent. One year MCLR has been reduced by 5 bps to 7.25 per cent,” it said.

Earlier, ahead of the festive season, the bank had announced a processing fee waiver on home, car and gold loans, it said.

“By reduction in RLLR our customers will be immensely benefited with zero processing charges in home  loan, car  loan and gold loan segments. This is going to add fillip to our customer satisfaction and bring cheers during the festive seasons,” bank's Managing Director A S Rajeev said.

(With inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement