New Delhi: Diwali gift by reducing the EMI of this bank loan. If you want to buy a home, shop, car for this Diwali, but are not able to buy due to increased interest rates and expensive EMI, then this news is for you.
Diwali Gift by reducing the EMI of this bank loan.
The four banks of State Bank of India, Bank of Baroda, Dena Bank and Oriental Bank of Commerce have cut their base rates. EMIs will also decrease if this will be cheaper than the loan. These rates of banks will be effective from October 1. In the monetary policy meeting of RBI in August, the repo rate was cut by 0.25 per cent, after which the banks have taken this decision.
Learn EMI of different banks –
- SBI has cut its base rate by 0.05 percent. After this cut, the new rate has been 8.95 percent.
- Bank of Baroda has cut the base rate by 35 basis points i.e. 0.35 percent. The base rate of the bank has now dropped from 9.50 per cent to 9.15 per cent.
- Oriental Bank of Commerce has cut base rate by 0.05 percent. The base rate of the bank has now reduced from 9.50 per cent to 9.45 per cent.
- Andhra Bank has reduced the base rate from 9.70 per cent to 9.55 per cent. Andhra Bank has cut 0.15 per cent in 15 basis points.
- Dena Bank has deducted 10 basis points in base rate besides MCLR. The new base rate of the bank decreased from 9.70 per cent to 9.60 per cent.
Note that banks have cut their base rates and not MCLR rates. MCLR rate is applicable to those taking loans from April 2016, whereas the base rate is applicable to the pre-existing loan. For those customers who have switched their loans on MCLR, this news may be bad. This decision came before the announcement of monetary policy next week to be held by the Reserve Bank.
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