Major banks often revise their interest rates across various loans following the rate cut decision by the RBI. The Monetary Policy Committee of the central bank unanimously voted to reduce the key lending rate by 25 basis points to 6% on April 9.
SBI to HDFC Bank: Full list of banks that revised interest rates
The revision in interest rates by major banks across different loan categories could be a major relief for borrowers. The interest rate revisions are tied to the repo rate and the marginal cost of funds-based lending rates (MCLR), which are used for home, personal, auto and other loans.
State Bank of India (SBI)
India’s largest public sector bank-State Bank of India-has announced a decrease of the RLLR by 25 basis points to the level of 8.25% (plus credit risk premium). The bank also revised the External Benchmark Based Lending Rate (EBLR) from 8.9% to 8.65%, with effect from April 15.
HDFC Bank
HDFC Bank trimmed its MCLR by 10 basis points across various loan tenures. Its one-month MCLR is 9.1%, three-month is 9.20%, six-month and one-year rates are 9.3%, and three-year MCLR is 9.35%.
Now, home loan interest rates vary between 8.7% and 9.55% for salaried and self-employed borrowers, with special rates lying between 8.5% and 9.35%.
Punjab National Bank (PNB)
The second largest public lender has lowered its RLLR from 8.9% to 8.65%. However, bank spread (BSP), the difference between the interest rate the bank charges on loans and the rate it pays on deposits, remains unchanged at 0.2%, or 20 basis points. As a result, the final lending rate stands at 8.85% compared to 9.1% earlier.
Indian Overseas Bank (IOB)
The Indian Overseas Bank has reduced RLLR by 25 basis points to 8.85% from 9.1% as well.
Other banks that reduced their lending rates
Other banks that reduced their lending rates include Indian Bank, Bank of India and Bank of Baroda.
Indian Bank recently decreased its lending rate from 9.05% to 8.7%. Meanwhile, the Bank of India has reduced the lending rate to 8.85% from 9.1%, which came into effect from April 9.
Bank of Baroda’s RLLR stands at 8.65%, and the RLLR of Bank of Maharashtra has been revised to 8.8%. Bank of Baroda also reduced the external benchmark-linked lending rates for the retail and MSME loans by 25 basis points.
