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Bank of Maharashtra (BoM) has decided to reduce its Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds based Lending Rate (MCLR) by 40 basis points and 20 basis points, respectively, with effect from June 8.
The Pune-headquartered public sector bank, in a statement, said the new RLLR will be 7.05 per cent against 7.45 per cent now. All retail loans (housing, education, and vehicle), loans to MSME (micro, small and medium enterprises), which are linked to RLLR, will be available at cheaper rates, it added.
BoM has also consecutively reduced its MCLR for the third month. The MCLR has been reduced by 20 basis points across the board. The revised benchmark one-year MCLR will be 7.70 per cent against 7.90 per cent now.
The reduction in MCLR is aimed at supporting economic growth and ensuring rate transmission, the bank said.
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