Chennai: Indian Bank has reduced the interest rates on home loans to 7.90 per cent and vehicle loans to 8.25 percent, the public sector bank announced on Friday. The bank slashed the loan rates after the Reserve Bank of India’s Monetary Policy Committee reduced the repo rate by 25 basis points to 6 percent on April 9, 2025. The RBI had announced a similar short-term lending rate cut in February.
After RBI’s announcement of MPC meeting details, Finance Ministry stated, “The Monetary Policy Committee (MPC) unanimously decided to reduce the policy repo rate by 25 basis points, bringing it down to 6 per cent with immediate effect. The repo rate is the rate at which the RBI lends money to commercial banks.”
“In light of the recent policy move by the Monetary Policy Committee of the Reserve Bank of India, Indian Bank has lowered its home loan interest rates from the existing 8.15 per cent per annum to 7.90 per cent per annum and vehicle loan interest rates from the existing 8.50 per cent to 8.25 per cent per annum,” city-headquartered bank stated in a press release.
Indian Bank’s decision to cut the home and vehicle loan interest rates would provide relief to borrowers by lowering EMIs and promoting affordable access to credit.
The public sector lender will levy discounted processing fees and zero documentation charges on customers applying for loans.
“In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted processing fees and zero documentation charges. This initiative reflects Indian Bank’s commitment to providing its customers with accessible and user-friendly financing options,” the statement added.
Types of Home Loan
IB Home Loan
IB Plot Loan
NRI Home Loan
NRI Plot Loan
Home Loan to Corporate Entity
IB Home Loan Flexi
IB Home Improve
IB HOME ENRICH
Vehicle loan Types
IB Vehicle Loan
Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
Following the Reserve Bank of India’s (RBI) repo rate cut, Indian Bank has reduced its home loan interest rates to 7.90% and vehicle loan rates to 8.25%. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
