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After reducing the repo rate by RBI, Bank of Maharashtra has reduced the interest rates on home, car and other retail loans by 0.25 percent. With this, EMI will be cheaper and it will become easier and more economical for the customers to take loan.
New Delhi. If you are thinking of taking a loan, then this news is a relief for you. In fact, the effect of the announcement of 0.25 percent cut in repo rate by the Reserve Bank of India (RBI) is now visible. As soon as RBI reduced the repo rate, many banks have reduced their interest rates. In this series, public sector Bank of Maharashtra (BOM) on Sunday (December 7) has announced to reduce the interest rate on home, car, education and other RLLR linked products by 0.25 percent.
Bank of Maharashtra said that after the cut in interest rates, the home loan interest rate starts from 7.10 percent. At the same time, the interest rate on car loan is 7.45 percent. The bank further said that these rates are among the most competitive rates currently available in the banking sector. Bank of Maharashtra said in the statement that the new rates have become effective from Saturday (6 December). Due to reduction in interest rates, everything from home to car and personal loans will become cheaper and due to lower EMIs, people will be able to take more loans than before.
GDP growth rate may be 7.3 percent in FY26
On one hand, RBI has cut interest rates and on the other hand, it has increased the GDP growth rate estimate. In its MPC meeting, RBI has increased the GDP growth forecast for the current financial year 2025-26 to 7.3%. Earlier this estimate was 6.8 percent. The growth rate is said to be 7 percent in the October-December 2025 quarter and 6.5 percent in the January-March 2026 quarter. Whereas the growth rate has been estimated to be 6.7 percent in the April-June 2026 quarter and 6.8 percent during July-September 2026.
Repo rate reduced by 1.25 percent from February 2025 till now
On December 5, the Monetary Policy Committee of RBI had reduced the repo rate by 0.25 percent to 5.25 percent. The central bank has reduced the repo rate by a total of 1.25 percent in 4 installments from February 2025 till now. However, there was no change in the repo rate in the meetings of August and October.
