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)