• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Bank of India revises lending rates on retail loans

By PTI
|

Mumbai, Jan 8 State-run Bank of India today said it has decided to reduce its interest rates on retail loans, including home and vehicle loans, with effect from tomorrow.

boi

The bank earlier reduced its minimum lending rates or marginal cost of funds based lending rates (MCLR) by up to 90 basis points, effective January 7, it said in a release here. "The revision in rate of interest on retail loans is a consequence of reduction in MCLR," it said.

The rate on home loans has been lowered to 8.65 per cent for women borrowers, while for others the rate has been set at 8.70 per cent. The bank has reduced the interest rates for vehicle loans to 9.35 per cent. For loan against property, the new rates are set in the range of 10.50-11 per cent.

The rates for women borrowers will be 0.5 per cent lower than the others, the bank said. Many banks like State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank and others have reduced their lending rates after they were flushed with funds following the government's move to demonetise high currency notes on November 8 last year.

PTI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more