BoM, PNB Cut Loan Rates After RBI Repo Cut; Borrowers Get EMI Relief

• Bank of Maharashtra (BoM) reduced retail loan interest rates by 25 basis points for RLLR-linked loans (home, car, education), effective immediately.
• BoM's new home loan rates start at 7.10% and car loan rates at 7.45%, aiming to reduce consumer debt burden.
• Punjab National Bank (PNB) also cut its Repo Linked Lending Rate (RLLR) by 25 basis points, from 8.35% to 8.10%.
• These reductions by BoM and PNB follow the RBI's decision to cut the repo rate by 25 basis points to 5.25%.
• The rate cuts will lead to lower EMIs for borrowers with RLLR-linked loans, providing financial relief.

Why It Matters: Lower loan interest rates mean reduced EMIs for many borrowers.