New Delhi: State-owned Bank of Maharashtra has slashed the marginal cost based lending rates (MCLR) by 0.05 to 0.15 per cent with effect from Monday, making its home loans cheaper.
The base rate remains unchanged at 9.70 per cent per annum, Bank of Maharashtra said in a regulatory filing.
"With the Reserve Bank of India (RBI) cutting the repo rate by 0.25 per cent, borrowers, particularly those with home loans, will get the benefit of decline in EMIs.
In the light of the upcoming festive season, the Bank of Maharashtra is glad to pass on the policy benefits to its customers," the bank said.
In its policy meet last week, the RBI cut the key repo rate -- at which it lends to banks -- by 0.25 per cent to 6 per cent.
The rate cut by the banking regulator was unchanged on four previous occasions as RBI wanted to maintain status quo unless inflation was brought under control.
The Pune-based Bank of Maharashtra stock closed unchanged at Rs 27.75 on BSE on Monday.
