After the SBI, customers of this bank now offer gifts, loans are cheap

Government Bank Oriental Bank of Commerce (OBC) has cut the marginal cost based interest rate (MCLR) by 0.10 per cent on loans. After this deduction, millions of customers of the bank can get a loan at a lower interest rate than before.
Reduced interest rate of bank
According to information given by Oriental Bank of Commerce, the rate of interest on loans between 1 day and 1 month has been reduced by 0.10 per cent to 8.20 and 8.25 per cent, respectively. Earlier, this interest rate was 8.30 and 8.35 percent respectively. Apart from this, the interest rate on loans for 3 months, 6 months and 1 year has been reduced by 0.05 percent. It has gone up 8.45 percent, 8.55 percent and 8.65 percent respectively. Earlier it was 8.5 percent, 8.6 percent and 8.7 percent, respectively. The new interest rates of the bank have been implemented.
SBI cuts cut also
Recently, the country's largest public sector bank SBI has cut the MCLR by 0.05 per cent.After this decision of the bank, the minimum MCLR on home loan over one year has been 8.40 percent. This is the third time within 4 months that SBI has cut rates of MCLR. Prior to this, MCLR was cut by 0.05-0.05 per cent in April and May.
RBI Governor had appealed
Banks have taken this decision at a time when recently the Reserve Bank Governor Governor Das asked to take advantage of the reduction in the repo rate to the customers.Let's say that the repo rate has been cut by 0.75 per cent in the year 2019 and at present it is 5.75 per cent. The repo rate is the benchmark on which RBI funds the banks. The lower the repo rate the RBI funds give the same benefit to the bank.
After the SBI, customers of this bank now offer gifts, loans are cheap After the SBI, customers of this bank now offer gifts, loans are cheap Reviewed by ismail attar on July 10, 2019 Rating: 5

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