EMI burden eased! Banks made loans cheaper after the RBI's repo rate cut. Find out how much each bank reduced rates.

The impact of the RBI's announcement of a 25 basis point cut in the repo rate is now visible. Many banks have reduced their interest rates. Let's find out how much different banks have reduced their interest rates...

Loan Interest Rate: The impact of the Reserve Bank of India's (RBI) announcement of a 25 basis point cut in the repo rate is now visible. The RBI decided to reduce the repo rate to 5.25 percent. Many banks have reduced their interest rates.

This will have a direct impact on customers. They will now have to pay lower interest on their loans. This means both the loan interest rate and EMI will be reduced. This will ease the burden on people's EMIs. Let's find out how much different banks have reduced their interest rates...

Punjab National Bank

PNB, the country's renowned public sector bank, has reduced its interest rates. The bank has decided to reduce its repo-linked lending rate (RLLR) by 0.25 percent. Consequently, the bank's RLLR has dropped from 8.35 percent to 8.10 percent.

This will directly impact the cost of borrowing for PNB customers. However, the bank has not made any changes to the MCLR. The new rates became effective on December 6.

Bank of Baroda

Following the repo rate change, Bank of Baroda has also announced a reduction in its interest rates. The bank has reduced its Baroda Repo-Linked Lending Rate (BRLLR) by 25 basis points, bringing the bank's BRLLR down from 8.15 percent to 7.90 percent.

Indian Bank

Indian Bank has announced a reduction in its interest rates. The bank has decided to reduce its repo-linked benchmark lending rate (RBLR) from 8.2 percent to 7.95 percent. Customers will then pay lower interest rates on loans. The new rates are effective from December 6th.

Bank of India

Bank of India has also provided relief to customers by reducing its repo-based lending rate (RBLR) by 0.25 percent. This decision brings the new RBLR rate to 8.1 percent. The new interest rates have been implemented at the bank since December 5th.