Home and car loans have become cheaper, after the cut in repo rate, now these banks have also reduced interest rates, know the details.

Home and car loans have become cheaper, after the cut in repo rate, now these banks have also reduced interest rates, know the details.

After the cut in repo rate, now one after the other banks are reducing the interest rates of their loans. Now the three big government banks of the country have also cut their loan interest rates. This includes Union Bank of India, Canara Bank, and Indian Overseas Bank (IOB).

Reserve Bank of India i.e. RBI has recently cut the repo rate by a full 50 basis points. This decision of RBI will benefit those who have taken a loan. On the other hand, this decision will harm FD investors. After the cut in repo rate, now one after the other banks are reducing the interest rates of their loans. Now the three big government banks of the country have also cut their loan interest rates. This includes Union Bank of India, Canara Bank and Indian Overseas Bank (IOB).

Earlier, private banks HDFC and ICICI Bank have also cut their interest rates. The country's government bank BOB also recently cut its RLLR by 0.50 percent.

Union Bank of India

Union Bank of India has cut its loan interest rates. The bank has cut its EBLR and RLLR by 0.50 percent.

Indian Overseas Bank (IOB)

Indian Overseas Bank has cut its loan interest rates by a full 0.50 percent after cutting its repo rate. Now the bank's RLLR has come down from 8.85 percent to 8.35 percent.

Canara Bank

Canara Bank, one of the largest government banks in the country, has also cut its interest rates by 0.50 percent. Now Canara Bank has reduced its RLLR from 8.75 percent to 8.25 percent.