Indian Bank Reduces Loan Rates Amid RBI Policy Adjustments

Indian Bank cuts home and vehicle loan interest rates to 7.90% and 8.25%, following RBI's 25 basis points rate reduction. The move alleviates borrowers' financial burden, promotes affordable credit access, and includes discounted fees and zero documentation charges, showcasing Indian Bank's commitment to customer-friendly financing solutions.

Indian Bank has announced a significant reduction in interest rates for home and vehicle loans, effective immediately. The bank has slashed these rates to 7.90 percent and 8.25 percent, respectively, aligning its financial offerings with recent changes announced by the Reserve Bank of India (RBI).

This decision follows the RBI's Monetary Policy Committee's move to lower the short-term lending rate by 25 basis points to 6 percent, a second such reduction in 2023. The rate cut aims to alleviate financial pressure on borrowers and promote affordable access to credit, according to sources.

In a statement, Indian Bank highlighted additional customer-friendly incentives, including discounted processing fees and zero documentation charges, positioning the bank as an advocate for accessible and user-friendly financing options.

(With inputs from agencies.)