New Delhi: Public sector Bank of India has announced a 0.25 per cent reduction in the Marginal Cost Based Loan Interest Rate (MCLR) of the fund on all its tenure loans. This will make it cheaper to take home loans, auto loans and all types of MSME loans. The new interest rates will be effective from June 1, 2020, next Monday.
In a statement issued by the bank here, after the introduction of the new interest rates, the annual interest rate on the loan for a period of one year will come down to 7.70 per cent. It is currently 7.95 percent.
Similarly, the interest rate for a loan of six months duration will be 7.60 percent and the interest rate of monthly loan will be 7.50 percent. The bank said that it has also reduced the interest rate for loans linked to the repo rate of the Reserve Bank by 0.40 per cent to 6.85 per cent.
