Major banks in India have slashed lending rates following the RBI's recent repo rate cut
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Major banks in India have slashed lending rates following the RBI's recent repo rate cut, offering relief to borrowers with lower EMIs on home, personal, and other loans. Institutions like SBI, PNB, Canara Bank, and IOB lead the adjustments, with several others joining in to pass on the benefits. Triggering Event The Reserve Bank of India trimmed its repo rate, prompting public sector banks to quickly reduce their lending benchmarks like the Repo-Linked Lending Rate (RLLR). This move aims to ease borrowing costs amid economic pressures, directly impacting EMIs for existing and new loans. Key Bank Adjustments - SBI: Reduced external benchmark lending rates, lowering costs for retail and corporate loans. - PNB: Cut lending rates across home, vehicle, and personal loans following RBI's policy shift. - Canara Bank: Lowered RLLR, benefiting floating-rate borrowers with immediate EMI reductions. - IOB: Announced rate cuts on various loan products to align with the repo rate trim. Additional Banks Involved Bank of Baroda, Indian Bank, Bank of India, and Bank of Maharashtra have also implemented reductions on multiple loan categories. These changes reflect a coordinated response to RBI's monetary easing, potentially spurring credit growth. Borrowers should check with their banks for exact EMI recalculations and eligibility.