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Bank of India reduced interest rates by 0.25 percent – bank of india reduced interest rates by 025 percent

Mumbai, May 29 (PTI) Public sector Bank of India on Friday announced a reduction in the Fund's Marginal Cost Based Loan Interest Rate (MCLR) by 0.25 percent from June 1 on all its term loans. The bank said in a release that after that the annual interest rate on its one-year loan will come down to 7.70 percent. It is currently 7.95 percent. Similarly, the rate of interest for a loan of six months duration will be 7.60 percent and the interest rate of monthly loan will be 7.50 percent. The bank said that it has repo rate of the Reserve Bank

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Language | Updated: 29 May 2020, 08:15:00 PM IST

Mumbai, May 29 (PTI) Public sector Bank of India on Friday announced a reduction in the Fund's Marginal Cost Based Loan Interest Rate (MCLR) by 0.25 percent from June 1 on all its term loans. The bank said in a release that after this the annual interest rate on its one-year loan will come down to 7.70 percent. It is currently 7.95 percent. Similarly, the rate of interest for a loan of six months duration will be 7.60 percent and the interest rate of monthly loan will be 7.50 percent. The bank said that it has also reduced the interest rate for loans linked to the repo rate of the Reserve Bank to 0.85 per cent to 6.85 per cent. The Reserve Bank of India, while presenting its monetary policy last week, reduced the repo rate from 0.40 per cent to 4 per cent from 4.40 per cent.

Web title bank of india reduced interest rates by 025 percent(Hindi News from Navbharat Times , TIL Network)

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