New Delhi: In a move that brings relief to borrowers, six major banks have slashed their benchmark lending rates after the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points on June 6, 2025. Aligning with the central bank’s decision, most lenders have cut rates on repo rate-linked loans by 50 bps, while some have also lowered their Marginal Cost of Funds-Based Lending Rates (MCLR) by up to 20 basis points.

Bank of Baroda 

Bank of Baroda has reduced its repo rate-linked lending rate (RLLR) by 50 basis points, following the RBI’s recent rate cut. The revised rates came into effect on June 7, bringing the bank’s RLLR down to 8.15 per cent. This move is expected to make loans more affordable for borrowers.

Bank of India Rate Cut

Bank of India has lowered its Repo Rate Linked Lending Rate (RRLR) by 50 basis points, making loans more affordable for borrowers. With this revision, RRLR-based loans now start at 8.35 per cent. The new rates came into effect on June 6, 2025.

HDFC Bank lending rate cut

HDFC Bank recently reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across all tenures, effective from June 7, 2025. This move benefits borrowers with MCLR-linked loans. After the revision, the bank is charging 8.9 per cent interest on overnight and one-month loans, 8.95 per cent for three-month loans, and 9.05 per cent for six-month and one-year tenures.

UCO Bank Rate Cut

UCO Bank has lowered its Marginal Cost of Funds-based Lending Rates (MCLR) across all tenures, with the revised rates taking effect from today, June 10, 2025. The overnight MCLR has been cut to 8.15 per cent, while the one-month rate is now 8.35 per cent. The bank has also reduced the three-month MCLR to 8.5 per cent, six-month to 8.8 per cent, and one-year MCLR to 9 per cent. In addition, UCO Bank has slashed its Repo Rate Linked Lending Rate (RRLR) by 50 basis points to 8.3 per cent, effective June 9.

Punjab National Bank loan rate cut

Punjab National Bank has cut its Repo Rate Linked Lending Rate (RRLR) by up to 50 basis points, effective June 9, 2025. With this revision, the bank’s home loan interest rates now start at 7.45 per cent, and vehicle loans begin at 7.8 per cent per annum, making borrowing more affordable for customers.

Karur Vysya Bank Rate Cut

Karur Vysya Bank has reduced its MCLR-linked loan rates, bringing some relief to borrowers. The six-month MCLR has been cut by 10 basis points to 9.8 per cent, while the one-year MCLR has been slashed by 20 basis points, also to 9.8 per cent. These revised rates came into effect on June 7, 2025.