Banks Slash Lending Rates After RBI Repo Cut, EMIs to Drop for Borrowers

• RBI reduced the key policy repo rate by 25 basis points to 5.25% to boost economic activity.
• Major banks including State Bank of India, Punjab National Bank, Canara Bank, and Bank of Baroda have lowered their lending rates.
• This move is expected to reduce Equated Monthly Instalments (EMIs) for home, vehicle, and personal loans.
• State Bank of India cut its EBLR from 8.15% to 7.90% and RLLR from 7.75% to 7.50%.
• Bank of Maharashtra reduced home loan rates to 7.10% and car loan rates to 7.45%.

Why It Matters: Borrowers get relief as banks lower lending rates following RBI's repo rate cut, reducing EMIs.