Tag: RLLR

Public Sector Lender, Bank of Maharashtra on Monday announced that it has reduced it’s Repo Linked Lending Rate (RLLR) from 6.90% to 6.80% with effect from 11 October, 2021. The 10 basis point reduction will make housing, car, education, MSMe and other loans cheaper.

“By reduction in RLLR our customers will be immensely benefited with zero processing charges in home loan, car loan and gold loan segments. This is going to add fillip to our customer satisfaction and bring cheers during the festive seasons,” said A S Rajeev , Managing Director, Bank of Maharashtra.

Additionally, the bank has also reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points. MCLR for overnight has been reduced to 6.70%, 1 month- 6.80%, 3 months- 7.10% and 6 months tenure to 7.15%. One year MCLR has been reduced by 5 bps to 7.25%.

Ahead of the festive season, the bank had earlier announced a processing fee waiver on home, car and gold loans. Post the new development, the home loan rate have been reduced to 6.8%, car loans to 7.05% and gold loans to 7%.