Major banks cut MCLR rates: Impact on your loans
Big update for anyone with a floating rate loan: major Indian banks—including HDFC Bank, PNB, Bank of Baroda, Indian Overseas Bank, and Bank of India—have lowered their MCLR (that's the rate that influences how much interest you pay).
This change could mean lower EMIs or even shorter loan periods for borrowers starting this September.
Quick look at the changes
Here's the quick rundown: PNB dropped its MCLR by 5-15 basis points across different tenures (one-year now at 8.80%).
BoB trimmed its overnight rate by 10 bps to 7.85%.
BOI set its three-year MCLR at 9.00%, while HDFC Bank and IOB also made small cuts for select tenors.
Even Central Bank of India has joined in, though details are still coming in.
If you've got a floating loan, it might be time to check if your EMI is about to get lighter!