Following the recent monetary easing by the Reserve Bank of India, Indian Bank has announced a reduction in interest rates on its home and vehicle loans. The public sector lender has reduced the interest rate on home loans from 8.15% to 7.90%, while the interest rate on vehicle loans has been reduced from 8.50% to 8.25%, the bank said in a statement on Thursday.
The move is aimed at providing financial relief to borrowers by reducing monthly EMIs and encouraging greater access to credit.
In addition to reducing interest rates, Indian Bank is also offering benefits including discounted processing fees and zero documentation charges for a limited period to make borrowing more accessible.
“This initiative is part of Indian Bank’s continued commitment to help customers achieve their financial goals, such as home and vehicle ownership,”-the bank said.
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