The interest on the loan will drop from 1st October

New Delhi, 5th September 2019 Thursday

According to the circular sent by the Reserve Bank of India to all banks, interest rates on all types of loans will fall from October 1.

Home loans, personal loans, auto loans, small business loans, etc. interest rates on loans are to be deducted. Until recently, banks were not ready to give creditors the benefit of RBI's repo rate cut. But now the Reserve Bank has instructed the banks not to charge interest on the basis of the Landing Rate ie Marginal Cost of Funds.