8 Banks Cut Lending Rates After RBI Repo Rate Drop: Big Relief for Loan Customers!

• RBI reduced the repo rate by 25 basis points to 5.25% in its December MPC meeting.
• Major banks like SBI, Canara Bank, Bank of Baroda, PNB, and others have followed suit, cutting their lending rates.
• Customers with existing or new loans can expect lower EMIs or reduced loan tenures.
• Bank of Maharashtra notably reduced home loan rates to 7.10% and car loan rates to 7.45%, waiving processing fees.
• SBI's EBLR is now 7.90% and RLLR is 7.50%; other banks like Bank of India, Indian Overseas Bank, and Indian Bank also revised their RLLR/RBLR.

Why It Matters: RBI's repo rate cut leads to lower lending rates from 8 banks, benefiting loan customers.