After the RBI cut the interest rates by 0.25 percent, now banks have also decided to cut the interest rate. Government sector bank Indian Overseas Bank has cut the interest rate related to the repo rate by 0.25 percent. The bank has given information about this on Saturday.
Recently, in the recent meeting of its Monetary Policy Committee (MPC), the Reserve Bank of India (RBI) decided to reduce the policy rate repo from 6.25 percent to six percent, after which the Indian Overseas Bank has also cut the interest rate. Due to the reduction in interest rate, EMI of all loans taken from this bank including home loan will come down.
Home loan will be cheaper
After cutting the interest rate by the bank, now the home loan from this bank will be cheaper. If someone applies to this government bank for lone, then he will have to pay less EMI. Apart from home loans, other loans will also become cheap.
The decision to cut interest rates by the bank has come amid increasing uncertainties after US President Donald Trump announced 26 percent duty on import of Indian goods last week. First the RBI has decided at the interest rate to control inflation in the country and strengthen the country’s economy.
Now how much interest is
Indian Overseas Bank is a government bank, the bank has reduced the interest rate on repo -affiliated loans from 9.10 percent to 8.85 percent. This deduction will be effective from April 12, 2025. That is, from today onwards, the EMI of people taking loans from the bank will be reduced. They will have to pay less interest in interest.