New Delhi: After Satte Bank of India, the Bank of India (BoI) has cut the interest rates by 75 basis points for those borrowers whose loans are linked to the bank’s external benchmark rate.
BoI has also slashed marginal cost of lending rate (MCLR) by up to 25 bais points.
The external benchmark lending rate, which is linked to the RBI’s repo rate, is being slashed by 75 bais points to 7.25 percent, the bank said in a statement.
“With this, the bank has passed on the benefit of the rate cut announced by the RBI on March 27, 2020 to its home, vehicle and small & medium enterprise borrowers,” BoI said.
This reduction will be with effect from 1 April, 2020.
The RBI has recently cut the Repo Rate by 75 basis points, the largest in recent history. The central banks also cut the Reverse Repo Rate and cash Reserve Ration by 90 basis points and 100 basis points respectively.
State Bank of India has already announced reduction of interest rates to the tune of 75 basis points.