Private sector bank RBL Bank has decided to reduce the loan interest rates. The new rates come into effect from 22 April 2021.
Private sector bank RBL has reduced the loan interest rates while giving relief to customers in the midst of Corona crisis. The bank has cut interest rates from 0.25 per cent to 0.35 per cent. This reduction has been done on the loan rates of all the periods. According to the news of CNBC TV18, the new rates have come into effect from 22 April ie today.
There will be savings every month
After this decision of RBL, the EMI of the bank’s customers can be reduced by up to 0.35 per cent. Its information can be obtained through mobile banking or internet banking.
Claim to give home loan at the lowest rates
Let us tell you that last week, Kotak Mahindra Bank had done the medicine that they are offering the cheapest home loan in the country with a rate of 6.65 percent.
According to Kotak Mahindra Bank, under a special offer, till March 31, it was decided to give a loan at an interest rate of 6.65%. Which the bank has now pushed forward.
Earlier this month, the country’s largest public sector bank SBI raised the home loan interest rate from 6.70 to 6.95% again. Earlier, the bank was offering loans at 6.70% till 31 March 2021 under a special offer.
Take care of these important things before taking a donut
Loans are available from two levels, one at fixed interest rates and the other at variable interest rates. In a bank loan with variable interest rates, the interest rates are linked to the marginal cost of lending rates and are subject to change.
Presently, given the environment of low rates of interest, you get an advantage in variable rates when the interest rates are reduced further.
When you see that there is a possibility of an increase in interest rates, then you should immediately shift to the fixed interest rate rate. It is not so easy to shift from fixed to variable regime. There are some expenses involved in this.
You can repay a bank loan before its fixed period. In the case of part payment, you pay a part of the outstanding loan amount.
While taking a bank loan, most people do not know whether they can repay the loan before time. The truth is that more than 50 percent of people seek this possibility in the middle of the loan period.
If there is a charge in repaying the bank loan ahead of time, then you can find a way to avoid it. Some bank loans do not allow its part or prepayment before one year.
