Allahabad Bank, one of the premier nationalized Banks decided to offer selected new loans at rate of interest linked to Repurchase Rate (Repo) w.e.f. 01.09.2019 in order to ensure faster transmission of policy rate changes and further to offer loans at a cheaper rate to the customers. The new loans to which Repo Linked Lending Rate (RLLR) is applicable are : 1) Housing loans upto Rs. 75 lakh 2) Mudra loans under Sishu, Kishore & Tarun Customers will continue to have choice either to opt for MCLR linked rate of interest or Repo Linked Lending Rate (RLLR), at mutually acceptable terms. All Savings Bank deposits (Rs. 40 lacs & above) are henceforth linked to repo w.e.f 01.10.2019.
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