If you are thinking of taking a home loan or personal loan, then there is good news for you. The country's largest bank, State Bank of India (SBI), has cut its loan interest rates by 0.25%. This means that now it will be cheaper for both new and existing customers to take a loan.

Now loans will be cheaper, and interest rates reduced

SBI has reduced its repo-linked lending rate (RLLR) to 8.25%. Also, the bank's EBLR i.e. external benchmark-based lending rate has come down from 8.90% to 8.65%. These new rates will be applicable from 15 April 2025.

Let us tell you that this decision has been taken after the Reserve Bank (RBI) recently cut the repo rate by 0.25%.

Interest reduced on FD.

Like loans, now the interest on fixed deposits (FD) has also been reduced. SBI has reduced the interest rate on FDs of 1 to 2 years duration by 0.10% to 6.70%. Whereas, interest on FDs of 2 to 3 years duration will now be 6.90% instead of 7%. These changes will also be applicable from 15 April.

HDFC and Bank of India also reduced interest

HDFC Bank has also reduced interest on savings accounts. According to HDFC Bank's website, now the interest on deposits of less than 50 lakhs has been reduced by 0.25% to 2.75%. Whereas on deposits of more than 50 lakhs, now the interest will be 3.25%, which was earlier 3.5%. These new rates are applicable from 12 April.

At the same time, the Bank of India has also withdrawn its special 400-day deposit scheme, on which 7.3% interest was being given. Apart from this, the bank has also reduced the interest rates by 0.25% on home loans as well as vehicle loans, personal loans, education loans, loans against property, and reverse mortgage loans for senior citizens.

Good opportunity for cheap loans
If you are planning to take a loan in the coming days or thinking of investing money in FD, then keep these changes in mind. This time can be a good opportunity for cheap loans, but the interest on FD will be slightly less.

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