Mumbai: IDBI bank has launched a new Home Loan and Auto Loan product linked to Reserve Bank of India’s repo rate. The Bank has also introduced Bulk deposits linked to the Repo rate in select Buckets.
The Interest rate on the new Home loan and Auto Loan variant will be directly linked to the repo rate and thereby help in quick monetary transmission.
The Bank’s customers will have the twin option of selecting either the MCLR linked product or the newly launched repo rate linked product.
The revised rates are applicable from September 10, 2019.