Mumbai: Central Bank of India with 4651 branches is giving relief to the loan holders during the Corona period by reducing their loan interest rates. This leading public sector bank has now announced a reduction of 5 bps in its loan rates. This will make the Central Bank’s loans even cheaper.
In order to extend the benefit of the repo rate cut by the Reserve Bank of India to its customers, the Central Bank has been continuously making loans cheaper and since April 2020, the bank has reduced its benchmark loan rate to 90 bps point. After this deduction, the Fund’s marginal cost based interest rate (MCLR) for a period of one year is 7.10%, which was 8% in March. This deduction will be effective from 15 September 2020. While the MCLR will be 7% for a period of 6 months and 6.85% for 3 months and 6.55% for one month.
