Indian Bank reduces home, vehicle loan rates

Indian Bank on Thursday said it has reduced home loan interest rates from the existing 8.15% (per annum) to 7.90% and vehicle loan rates from 8.50% to 8.25%.

The reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable credit access. In addition to the reduced interest rates, it is also offering benefits such as discounted processing fees and zero documentation charges, Indian Bank said in a release.

The decision comes in the backdrop of the Reserve Bank of India’s monetary policy committee reducing the repo rate. Indian Bank had consequently, with effect from April 11, reduced its Repo Linked Benchmark Lending Rate by 35 basis points to 8.70%.