HDFC Bank announces a reduction in its Marginal Cost of Funds-based Lending Rates. This move will benefit borrowers with loans linked to MCLR. The bank has lowered MCLR by up to 5 basis points on select tenures. New MCLR rates now range from 8.55% to 8.75%, varying by loan duration.
A top-up home loan offers borrowers with a good repayment history an additional loan on top of their existing home loan. The loan amount depends on the outstanding amount and repayment capacity. Interest rates are similar to home loans, and tenure aligns with the remaining home loan period. Funds can be used for various purposes, including home renovation and education.
Punjab National Bank and Bank of India have revised their MCLR, effective September 1, 2025. PNB reduced rates by up to 15 bps across tenures, while BoI lowered rates by 5-15 bps, except for the overnight tenure. These revisions may bring relief to borrowers with loans linked to MCLR, potentially lowering EMIs.
SBI Card is revising its rewards program, effective September 1, 2025, discontinuing reward points for select cardholders on digital gaming and government transactions.
Home loan borrowers face a crucial choice between banks and housing finance companies. Banks often pass on rate cuts faster due to their funding sources. HFCs adjust rates at their discretion, leading to delays. Banks have stringent paperwork. HFCs have relaxed policies towards customers with low credit scores. However, borrowers should consider interest costs and convenience before choosing between HFCs and banks.
State Bank of India has reduced its MCLR rates on select tenures by up to 5 bps, effective August 15, 2025, following the RBI's decision to keep the repo rate unchanged.
HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 5 basis points on select loan tenures, effective August 7, 2025. The revised MCLR now ranges from 8.55% to 8.75%. The bank also announced that its home loan interest rates, linked to the Repo Rate, range between 7.90% and 13.20% for salaried and self-employed individuals.
Despite the RBI announcing no changes in repo rate, homeowners can still reduce EMIs through strategic actions. Prepayments significantly cut principal and interest, while negotiating with lenders for lower rates, especially with a strong credit score, can prove beneficial. Balance transfers to lenders offering better deals can also help home loan borrowers reduce their EMI outgo.
My sister and brother-in-law are NRIs and have taken multiple home loans to invest in real estate in India. They have given me the power of attorney (PoA) to act on their behalf for these loans. Can these loans affect my credit score ?
RBI Repo Rate Cut News: The RBI has maintained the repo rate, a decision that may not immediately benefit home loan borrowers. However, with retail inflation falling to a 12-month low of 2.1% in June 2025, further rate cuts are anticipated. Experts suggest borrowers on older regimes like MCLR should switch to EBLR for quicker benefits.
Business owners seeking capital for expansion can leverage their property through a loan against property (LAP). This secured loan offers lower interest rates and longer repayment tenures compared to unsecured options. Funds can be used for infrastructure upgrades, technology investments, or working capital.
In India, major credit bureaus, such as CIBIL, Equifax, Experian and CRIF High Mark, provide credit scores. A healthy credit score can lead to quicker loan approvals, lower interest rates and higher credit limits.
State Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) across all tenures, effective July 15, 2025. The cuts, up to 25 basis points, bring MCLR rates to a range of 7.95% to 8.90%. Additionally, SBI's External Benchmark Lending Rate (EBLR) is 8.15% effective June 15, 2025. Home loan interest rates vary from 7.50% to 8.
Bank of Baroda and Canara Bank will reduce MCLR by 5 bps on select tenures. This move could lower EMIs for borrowers. Bank of Baroda has already reduced home loan rates to 7.45% with nil processing fee. Canara Bank has also revised its lending rates. HDFC Bank, Punjab National Bank and Indian Bank have also announced MCLR reductions.
Personal loans help with unplanned expenses and debt. These are unsecured loans, so no collateral is needed. Interest rates depend on factors like CIBIL score. Many banks have reduced lending rates after the Reserve Bank of India rate cut. This makes personal loans cheaper. Bank of Maharashtra offers competitive rates, followed by Punjab & Sind Bank and Canara Bank.
Bank of India has announced key changes, effective June and July 2025, including waiving minimum balance penalties on savings accounts. Interest rates have been reduced on home and education loans, alongside select retail loans. Savings deposit rates see a slight decrease for balances up to ₹1 lakh. The Green Deposit interest rate is revised to 6.7% for 999 days.
HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 30 basis points, effective July 7, 2025. This revision lowers the MCLR range to 8.60% to 8.80%, benefiting borrowers with loans linked to this benchmark. The bank also revised its Base Rate to 9.35% and Benchmark PLR to 17.85%, effective June 25, 2025.
Punjab National Bank, Indian Bank, and Bank of India have reduced their Marginal Cost of Funds-based Lending Rates (MCLR) by 5 basis points in July 2025. This reduction in MCLR will lower borrowing costs for consumers across various loan tenures. The move follows the Reserve Bank of India's repo rate cut, aiming to make loans more affordable.
In June 2025, several major banks will revise their MCLR. HDFC Bank, Canara Bank, and Bank of Baroda will announce rate reductions. This will provide borrowers with some relief. State Bank of India and Punjab National Bank will keep their MCLRs unchanged. These revisions will potentially impact EMIs and loan tenures. Borrowers should review the new rates.
Good news for home loan borrowers as Reserve Bank of India cuts repo rate. This move lowers home loan interest rates. Borrowers can expect reduced EMIs or shorter loan tenures. Many banks are revising their lending rates. Public and private sector banks offer varied interest rates. Borrowers should compare fees and processing times before deciding.
Many consider ‘credit card’ a bad term, equating it with losing self-control and going on a spending binge. However, if you resist that urge, credit cards can be the best way to earn points for travel. By replacing cash or UPI spends with credit cards, you spend the same amount of money, but get rewards in the process.
Following the Reserve Bank of India's repo rate cut, Canara Bank, Union Bank of India, and Indian Overseas Bank have reduced their Repo Linked Lending Rates (RLLR), offering relief to home loan borrowers.
HDFC Bank announces a cut in its MCLR. This benefits borrowers with loans linked to this benchmark. The reduction is up to 10 basis points on select tenures. The revised rates range from 8.90% to 9.10%. These rates are effective from June 7, 2025. This follows the Reserve Bank of India's repo rate cut.
Home loan interest rates: Following the RBI's repo rate cut to 5.50%, four major public sector banks, including PNB, BoB, Indian Bank, and BOI, have reduced their home loan interest rates. These revisions, effective in early June 2025, lower the Repo Linked Lending Rates (RLLR) by 50 basis points.
Banks like Canara or UCO have already cut rates to 7.75%, but some private banks may take a few months to pass on the full benefit, so check with your lender. With reduced EMIs, you can use the extra money for daily expenses, savings, or paying off your loan faster to save more interest.
RBI repo rate cut: The Reserve Bank of India has cut the repo rate by 50 bps in today's monetary policy announcement. With the latest rate cut, home loan EMIs or tenure will decrease further. This will result in the big savings on the interest paid on home loan for borrowers.
Punjab National Bank has reduced education loan interest rates by 20 bps under the PM Vidyalaxmi scheme, enhancing accessibility to higher education. The initiative supports students admitted to 860 Quality Higher Education Institutions, offering need-based financing with interest subventions based on family income. Interest rates start at 7.50% per annum, with specific subvention benefits for technical and other courses.
Several banks in India are offering competitive interest rates on vehicle loans, with slightly lower rates for electric vehicles to promote eco-friendly transportation. Among public sector banks, Indian Overseas Bank offers interest rates starting from 8.15% for electric vehicles and 8.35% for non-electric ones.
Securing a home loan from private banks involves understanding interest rates, credit scores, and EMIs. Interest rates vary based on factors like credit score and loan tenure. Essential property documents such as the Sale Deed and Completion Certificate must be verified before purchase. Your salary influences the loan amount based on EMI/NMI ratio.
Gold loan draft rules: RBI has issued a draft for uniform guidelines on gold loans across banks and NBFCs. These proposals can impact how you take the gold loan once it is implemented as written. Check the nine proposals made in the RBI's draft and how it can impact your borrowing.
RBI's repo rate cuts in 2025, totaling 50 basis points, have lowered home loan interest rates below 8%. This reduction, following previous rate hikes, makes buying a home more affordable. Several public sector banks now offer floating-rate home loans with attractive interest rates, impacting EMIs based on credit score, benchmark rates, and loan amount.
State Bank of India has decided to keep its key lending rates unchanged for May 2025, following a 0.25% rate cut in April 2025. This decision maintains stability across both MCLR and external benchmark-linked rates like RLLR. The External Benchmark Rate (EBR) is 8.
State-owned lenders Bank of Baroda, Punjab National Bank, and Canara Bank have reduced their marginal cost of funds-based lending rates across various tenures, effective from May 2025.
