After the recent reduction of repo rate by 25 basis points by RBI, the country’s largest public sector bank, SBI, has also reduced its loan rates by 0.25%. This is effective from today i.e. April 15, 2025.
State Bank of India (SBI) has given a big gift to its customers. After the reduction in the repo rate by the Reserve Bank, SBI has also announced a reduction in the interest rate of the loan given to its customers. Which means that now the interest rate of home loan, car loan and personal loan will be reduced as compared to earlier and people will have to pay less EMI than before.
After the recent reduction of 25 basis points in the repo rate by RBI, the country’s largest public sector bank, SBI has also reduced its loan rates by 0.25%. It is effective from today i.e. April 15, 2025. The bank’s EBLR (External Benchmark Based Lending Rates), which is currently 8.90%, has been revised to 8.65%.
SBI has also revised its RLLR (repo linked lending rate), which has now come down to 8.25% from the current 8.50%. This does not include CRP (credit risk premium), which is added in the calculation of the total RLLR.
RBI had reduced interest
RBI has cut repo rates by 0.25% for the second consecutive time in its most recent MPC meeting, which was announced on April 9, 2025. Currently, the repo rate is 6.25%. A fall in the repo rate means a reduction in the EMI paid by those who opt for a loan with a floating interest rate. Similarly, if the repo rate is increased, it simply means an increase in the interest rate of the loan.
No change in repo rates means that there will be no change in the EMI payment of the loan takers, while a decrease or increase in repo rates leads to an immediate increase or decrease in the amount of EMIs to be paid by those who have availed loans linked to RBI’s repo rate.
This bank also made loans cheaper
One day ago, Bank of Maharashtra also cut its interest rates. This bank reduced the loan interest rate by 0.25 percent. After which the EMI of the loan has reduced and now 0.25 percent less interest will have to be paid.
