Image: PTI

Since the start of the new year, so far 8 banks have cut their loan rates. Including all banks, this deduction ranges from 0.05 per cent to 0.30 per cent. SBI, PNB and ICICI banks were at the forefront in reducing the loan rates, which made their loans cheaper from the first day of 2020. After this, some other banks have also given the gift of cheap loans to customers. Let’s know the new loan rates of all 8 banks…

SBI

SBI has cut the lending rate linked to the external benchmark by 0.25 per cent and is effective from 1 January. Now the lending rate linked to external benchmark in the bank has come down from 8.05 per cent to 7.80 per cent annually.

ICICI Bank

The bank has reduced MCLR by 0.05 per cent on loans for all periods. The new loan rates of the bank after the deduction is implemented from 1 January are as follows…

  • 7.95% for overnight loan
  • 7.95% on 1 month loan
  • 8 percent on 3-month debt
  • 8.15 percent on 6-month debt
  • 8.20 percent on 1-year debt

Punjab National Bank

PNB has cut the MCLR by 0.30 per cent on loans of different tenures. It is effective from 1 January. Now the bank’s new loan rates are like this

pnb
Image: PNB ( Punjab National Bank )

Oriental Bank of Commerce

This bank has cut MCLR by 0.05-0.15 per cent on loans of different tenures. This deduction is effective from 10 January. Bank’s new loan rates are like this…

  • 7.55% for overnight loan
  • 7.60% on 1 month loan
  • 7.80 percent on 3-month debt
  • 8 percent on 6-month debt
  • 8.15 percent on 1-year debt

Union Bank of India

Union Bank of India has reduced its MCLR by 0.10 percent. This deduction will be effective from January 11 to February 10, 2020. Now the bank’s new loan rates are like this…

Image: Union Bank of India

Bank of Baroda

Bank of Baroda has reduced MCLR 0.05 percent on 1 month loan. This deduction has come into effect from 12 January 2020. After this the new loan rates of the bank are like this

  • 7.65% for overnight loan
  • 7.60% on 1 month loan
  • 7.80 percent on 3-month debt
  • 8.10 percent on 6 months loan
  • 8.25 percent on 1-year debt

(Note: These rates are taken from the website of banks.)

 

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