New Delhi:
If you are thinking of taking a home loan or personal loan, then there is good news for you. State Bank of India (SBI), the country’s largest bank, has cut its loan interest rates by 0.25%. That is, now it will be cheaper to take loans for both new and existing customers.
Now loan will be cheaper, interest rate reduced
SBI has reduced its repo linked lending rate (RLR) to 8.25%. Also, the bank’s EBLR i.e. external benchmark based lending rate has now come down from 8.90% to 8.65%. These new rates will be applicable from 15 April 2025.
Let us know that this decision has been taken after a reduction of 0.25% by the Reserve Bank (RBI) recently in Repo Rate Cut.
FD reduced interest
Like a loan, the interest on fixed deposits (FD) has reduced. SBI has reduced the SBI FD Interest Rates from 0.10% to 6.70% on FDs of 1 to 2 years. At the same time, interest on FD of 2 to 3 years will now get 6.90% instead of 7%. These changes will also be applicable from April 15.
HDFC and Bank of India also reduced interest
HDFC Bank has also reduced interest on savings account. According to HDFC Bank’s website, now interest on deposits of less than 50 lakhs has been reduced to 2.75%. At the same time, interest on deposits of more than 50 lakhs will now be 3.25%, which was 3.5% earlier. These new rates are applicable from April 12.
At the same time, Bank of India has also withdrawn its special 400-day deposit scheme, on which 7.3% interest was being received. Apart from this, the bank has cut home loan as well as vehicle loan, personal loan, education loan, loan on property and reverse morning for senior citizens, interest rates have been cut by 0.25%.
Good chance for cheap loans
In the coming days, if you are planning to take a loan or thinking of putting money in FD, then keep these changes in mind. This time can be a good opportunity for cheap loans, but interest on FD will definitely get a little less.