BANK NEWS
Public Sector Banks cut their loan interest rates
New Delhi: Public sector banks like Canara Bank, Punjab National Bank, Bank of India cut their rates on personal loans as 8.35 percent. During this pandemic situation and reduction in the profit margin of the banking sector, banks keep their interest rates lowest through which their customers can also avail the facility and the liquidity in the banks will maintain.
Recently when the Hon’ble prime minister meets with the bank’s official also clarifies to distribute the heavy amount of loans to the public in which liquidity will be inflow.
The Reserve Bank of India (RBI) also cutting repo rate to an all-time low, term loans offered by the lenders have also seen a substantial reduction.
The banks reduce the interest rates when the RBI started reducing policy rates to revive demand and economic activity that has taken a beating due to the lockdown.
Personal loans help in future income in a simple process.
It should be noted that the loan amount depends on the customer’s salary repayment capacity. A personal loan comes up with the higher interest rates comparing with others like car loans.
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