Banks That Have Reduced Loan Rates After RBI’s Repo Rate Cut – Full List

Following the Reserve Bank of India’s (RBI) decision to cut the repo rate by 25 basis points to 6% on April 9, several major public and private sector banks have reduced their loan rates.

This could lead to lower EMIs on home loans, personal loans, and vehicle loans.

1. Punjab National Bank (PNB)
   PNB has cut its repo-linked lending rate (RLLR) from 8.90% to 8.65%. However, the bank’s spread (BSP) remains at 0.20%, making the final lending rate 8.85%.

2. State Bank of India (SBI)
   SBI was the first to revise its rates. The bank reduced its RLLR from 8.50% to 8.25%.

3. Additionally, the external benchmark lending rate (EBLR) was reduced from 8.90% to 8.65%. These new rates are effective from April 15.

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4. HDFC Bank
   HDFC Bank has reduced its marginal cost lending rate (MCLR) by 10 basis points across all tenures. The new rates are:

9.10% for 1 month

9.20% for 3 months

9.30% for 6 months and 1 year

9.35% for 3 years
Home loan rates now range from 8.7% to 9.55%, with rates as low as 8.5% to 9.35% for select customers.

1. Indian Overseas Bank (IOB)
   IOB has reduced its RLLR from 9.10% to 8.85%.

2. Indian Bank
   Indian Bank has cut its RLLR from 9.05% to 8.70%.

3. Bank of India (BoI)
   Bank of India has reduced its RLLR to 8.85%, down from 9.10%.

4. Bank of Baroda
   Bank of Baroda’s RLLR is now 8.65%, while it has also reduced interest rates on retail and MSME loans by 25 basis points.

5. Bank of Maharashtra
   Bank of Maharashtra has lowered its RLLR to 8.80%.

These rate cuts by banks are expected to help reduce the burden of EMIs for borrowers.