Following the Reserve Bank of India’s decision to reduce the repo rate by 25 basis points, several lenders have slashed their lending rates to pass on the benefit to borrowers. State Bank of India (SBI), Bank of India (BoI), Bank of Maharashtra (BoM), and Bank of Baroda (BoB) are among the major lenders that have cut interest rates on various retail and MSME loans.
1 / 6SBI, India’s largest lender, reduced its Repo-Linked Lending Rate (RLLR) by 25 basis points to 8.25%. It also slashed its External Benchmark-Based Lending Rate (EBLR) by 25 basis points to 8.65%. The revised rates came into effect from April 15, 2025, and apply to both new and existing borrowers.
2 / 6Bank of India has brought down its home loan rates by 25 basis points to 7.90% per annum, linked to the borrower’s CIBIL score. The rate cut benefits both new and existing customers. In addition to home loans, the bank has lowered interest rates on personal loans, vehicle loans, education loans, loan against property, and reverse mortgage loans by 25 basis points. These revised rates are effective from April 15.
3 / 6Bank of Maharashtra has also reduced its Repo-Linked Lending Rate (RLLR) by 25 basis points—from 9.05% to 8.80%. The bank’s External Benchmark Lending Rate (EBLR) now stands at 8.65%.
4 / 6Bank of Baroda also announced an immediate transmission of the RBI’s rate cut to its retail and MSME customers. The bank slashed its external benchmark-linked lending rates by 25 basis points.
5 / 6The move signals a broader industry trend of easing borrowing costs in response to RBI’s accommodative stance. Borrowers planning to avail home, vehicle, or personal loans could benefit from locking in these lower rates.
6 / 6However, along with reducing lending rates, some banks have also revised interest rates on fixed deposits, especially for short- and medium-term tenures. The deposit rate cuts reflect the overall softening interest rate environment and may impact savers looking for guaranteed returns.
