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Good news for Bank of Maharashtra customers! MCLR rate cut, loan becomes cheaper

Bank of Maharashtra MCLR Rate Reduced: In today’s time every person has this dream to have his own house, car. To fulfill this dream, people often think of taking a loan, but for some time now, the burden of EMI on people has increased a lot. Recently, Reserve Bank of India has increased the repo rate twice in the month of May and June to control inflation in the country. After this, all the private and public sector banks are continuously increasing the interest rates of their loans. In such a situation, in the midst of this increasing EMI burden, Bank of Maharashtra has given great relief to its customers.

The bank has cut its Marginal Cost Based Lending Rate (MCLR) rate by 35 basis points. Since its decision, there has been a decline of about 0.35 percent in the EMI of the customers. These new rates have come into effect from July 11, 2022.

Such a fall in the MCLR rates of the bank
After cutting the MCLR rates, Bank of Maharashtra said that the bank has cut its MCLR rates by 0.20 percent for a period of one year. Earlier this rate was 7.70 percent, which has now come down to 7.50 percent. At the same time, the MCLR rate for a period of 6 months is now 7.40 percent. Earlier it was 7.60 percent. At the same time, the MCLR rate for a period of three months is 7.20 percent.

Loan will be cheaper due to reduction in MCLR
Any bank fixes its interest rates on the basis of marginal cost of funds based lending rate. The EMI of the customers is fixed only when the MCLR increases and decreases. With the change in the Reserve Bank’s Repo Rate, banks change their MCLR rates. If the MCLR of the bank is high, then the customers will have to pay a higher interest rate and if the MCLR is higher, then it directly affects the interest rate and you will have to pay less EMI.

These banks have increased the MCLR rate
After the increase in the repo rate, many banks have increased their MCLR rate. This includes Indian Overseas Bank, IDFC First Bank, ICICI Bank, Yes Bank, HDFC Bank etc.

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