By Admin 
After a major cut of 50 basis points in the repo rate from RBI, Punjab National Bank has decided to cut loan interest rates, giving relief to its customers. PNB has now reduced the repo linked landing rate i.e. 50 basis points in RLLR. Giving information about this decision on behalf of the bank on social media platform X, it has been told that the new interest rates will be effective from June 9 of this month. & Nbsp;
That is, after this decision of the bank, the home loan will start 7.45 percent annually while the vehicle loan will start from 7.80 percent annually. It is believed that this move of PNAB will reduce the EMI of the car loan, home loan and small business loan customers.
customers will get benefit
At the time of Corona, the RBI kept the repo rate at four percent from May 2020 to April 2022. But after this the central bank increased the repo rate to 6.5 percent. However, for the last two years, RBI has cut interest rates and has seen a continuous cuts for the last three times. This decision of RBI has benefited greatly to small businessmen, including car-houses. & Nbsp;
After this announcement of PNB & nbsp; Customers whose loans are already associated with RLLR, their EMI will automatically come down to the next billing.
Many banks reduced the landing rate
Significantly, after the new cut in the rate of RBI’s repo rate, many banks have decided to cut the landing rate. MCLR was cut by HDFC on 7 June itself. Bank of Baroda has reduced the Baroda Repo Based Lading Rate from 8.65 percent & nbsp; to 8.15 percent. Apart from this, Indian Bank has also reduced RBLR i.e. repo linked benchmark landing rate from 8.70 percent to 8.20 percent.
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