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Know your EMIs in seconds with BankBazaar’s unique online financial tool - the EMI Calculator! Get a wealth of information pertaining to your loan payments in quick, easy steps to save time and money and make the most-informed choice to successfully meet your financing needs.
BankBazaar’s EMI Calculator helps calculate the monthly instalments payable on any of your loans whether a personal loan, auto loan or home loan.
Calculating EMIs can be a tedious and confusing process. However, BankBazaar has an exceptional and simple EMI Calculator which lets you know the precise amount of your monthly EMIs instantly.
Help you arrive at EMIs in seconds - This calculator will help you calculate exactly how much money you need to pay towards your loan each month.
Simplify calculations - Determine EMIs accurately with minimal effort to reduce stress and confusion caused by tedious manual calculations.
Help plan your finances - Compare possible EMIs by varying the key loan parameters of tenure, amount and interest rate to determine which loan plan is the most affordable to you.
Be it a home loan, personal loan or car loan, now you can easily calculate your EMIs using this user-friendly tool offered by BankBazaar.
Using this calculator is very easy. All you need are the following loan details:
The loan EMI calculator will instantly reveal your monthly EMI amount payable on the loan!
It will also provide a clear, graphic and tabular break-up of your loan repayments, using the EMI so calculated. In addition an amortization table is created which gives you a detailed overview of your repayment schedule. A cut above the rest, BankBazaar’s EMI Calculator delivers more than you expect.
Top picks from our Financial Expert
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much...
Most of us do not know how loan EMIs are calculated. Yet, we make payments as per the repayment schedule...
EMIs can be broadly classified as EMI during loan disbursal or EMI after you get the loan...
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010...
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much I have to repay every month to clear my loan?”
Understanding EMIs and amortization tables is probably the most confusing part of the entire process of availing any kind of loan. The EMI, or Equated Monthly Instalment, is important because it signifies monthly outflows towards repayment of the loan.In order to calculate EMI for your loan, you should first understand its components:
The formula consists of using the loan amount, interest rate and tenure of the loan (in months): to find out your EMI (Equated Monthly Instalments)M = No of months to pay the loan
For example: You avail a home loan of Rs.5 lakhs and the bank disburses the loan in instalments of Rs.1 lakh each at each stage of completion of the house being funded. Once the first instalment is disbursed i.e.Rs.1 lakh, the borrower begins making interest payments. Pre-EMIs do not reduce the principal component of the loan amount..Advantages of Pre-EMIs
Here, EMIs i.e. interest + principal are repaid only once the entire loan amount is disbursed.Advantages of Full EMIs
If you plan to sell the house, or are expecting large income inflows orare anticipating higher returns from the property funded by the loan, it is better to opt for Pre-EMIs. However, if you are not sure and do not want to take any undue risks, Full EMIs are a better option.
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010. He bought a car for about Rs 5.95 lakh. He managed to do this by availing a car loan. The down payment he was required to pay was Rs 1.5 lakh and the remaining amount was funded by his auto financier. The car loan interest rate was 12% p.a. and the loan tenure was set at four years. As per the terms of the agreement, he currently pays a monthly EMI of Rs. 11,700. Manoj goes by the payment schedule as set out by the bank. But, how does he verify the amounts payable as per the schedule? Is there any way he can reduce or increase the EMI based on his financial situation?
Calculating EMIs can be confusing and tedious. There are many borrowers who find it hard to understand EMI calculations and Manoj is no exception. Most borrowers are unsure whether they are paying the right amount as EMIs; in many cases, the lenders themselves may have erred in their calculations.
The irony of it all it that EMIs are not that hard to understand. Using MS Excel, a very popular tool used the world over, anyone can easily calculate the amounts due as EMIs.MICROSOFT EXCEL FOR EMI CALCULATION
An Excel spreadsheet is a software specifically designed for mathematical calculations and performs calculations using a number of preset formulae. This makes it one of the most convenient tools to calculate and understand EMIs or repayment schedules.STEPS TO CALCULATE LOAN EMIs USING EXCEL
To calculate loan EMIs using Excel, you have to use the function ‘PMT’ . You will need to know the rate of interest (rate), the tenure of your loan (nper) and, the value of the loan or present value (pv). Apply this to the formula: =PMT(rate,nper,pv).Example:
If you were to choose a different frequency, say a quarterly payment schedule as opposed to monthly payments, all you would have to do is factor this into the formula to get the desired results.Example:
Its really as simple as plugging in data and receiving results, completely eliminating confusion and anomalies. This not only helps you as a borrower in choosing the right loan plan but also helps you adjust your EMIs according to your financial situation.
HDFC Bank offers various loan products meant for customers of different demographics and incomes. Calculating EMI on any of the loans can be done through a few simple clicks at BankBazaar which specializes in providing free financial services to customers and general visitors.
Availing loans can be a very tricky proposition if you don’t know the underlying details such as EMI amounts, interest rates, processing charges and amortization. You may be looking for a car loan, personal loan, or even a house loan, and the best place to begin your search starts from the Internet.
BankBazaar offers a dedicated EMI Calculator tool that will provide you with information regarding the loan break-up and amortization details. You can access this tool by following these steps:
Once you select an option as detailed above, you will be taken to a new page with different dynamic fields. To use the HDFC Loan EMI Calculator, please follow the steps outlined below:
Once you are done with filling the details, click on ‘Calculate’. The results will appear just below the ‘Calculate’ button. The results are shown in terms of ‘Your Monthly Car/Home/Personal Loan EMI’, ‘Loan Break-up’ and ‘Amortization Details’.
EMI Amount: The monthly amount you have to repay for your particular loan product, according to the details entered by you.
Loan Break-up: Loan Break-up section will show details such as the loan amount, total interest payable, processing fee, and the total repayable amount. The results are also shown aesthetically in graphical format.
Amortization: This result will show details of the amount to be paid at any point during the loan tenure such as principal paid, interest paid, outstanding balance, and total payment made.
Posted on 23rd July
Chairperson Arundhati Bhattacharya, State Bank of India (SBI) confirmed to PTI that one of India's top money ending companies is not expecting any rate cut, in the monetary policy review due on Aug 4, by Reserve Bank of India, lead by a higher retail inflation.
She added that CPI has risen as compared to the negative WPI, lead by the food prices and that the RBI has been benchmarking the food prices to the to the CPI, hence making it unlikely for rate cuts.
Retail inflation in June saw an 8-month rise of 5.4%, while the Wholesale Price Index (WPI) based inflation dropped -2.4% in the same month.
The central bank on the other hand would observe the data that includes inflation along with the season's data before making change in policy rates. They also added that the three rate cuts would be observed for banks to pass on the advantage.
RBI has made a total reduction of 0.75% so far, in policy thrice during 2015. RBI reduced repo rate (short-term lending rate) by 0.25% to 7.25%. It has cut policy rates thrice, during 2015. The total reduction has been 0.75 per cent while banks have passed on an average 0.3 per cent to customers.
Posted on 23rd July
State Bank of Hyderabad launched its very own mobile application, available on the Android smart-phone platform, on Friday, last week. The android app, SBH Touch allows its users to use various internet banking products and facilities. The launch was formally announced through a press release by Santanu Mukherjee, MD, State Bank of Hyderabad.
The app is available for free download from the Google Play Store. Besides regular internet banking services the app allows its users to locate bank branches and ATMs through Google Maps, EMI calculator and know loan interest rates and deposit interest rates applicable at the time.
Besides calculating loan EMIs, the app also features Fixed Deposit and Recurring Deposit calculators. State-wise bank holidays and quick contact information is available on the app along with provision for customer feedback.
Posted on 16th July
State Bank of Hyderabad (SBH) has changed its base rate from 10.05% to 9.95% with effect from today 16th July 2015. The SBH Asset Liability Management Committee, headed by Santanu Mukherjee, Managing Director, decided to push the rates downwards, following the announcement of the policy rates by the Reserve Bank of India. The rate of interest on your home loan shall also decrease, making it Rs. 874/lakh for a 30 year loan period. SBH has realigned its interest rate from time to time in lieu of many conditions such as changing interest rate environment, cash liquidity in the system and so on.
Posted on 14th July
The Reserve Bank of India is expected to cut benchmark rate by 0.25% in its upcoming policy review meeting, if monsoon rain becomes normal. The prediction is made by the brokerage firm, Bank of America Merrill Lynch. According to Bank of America Merrill Lynch, the lending rate cut plays a crucial role in cyclical recovery of the Indian economy by the end of 2015. Already, the central bank (RBI) had cut its repo rate by 0.25% in its last policy review on 2nd June for the third time.
Posted on 10th July
Bank of Baroda, the second largest state-owned bank in India, reduced its base rate by 0.1% on Thursday. The bank reduced its base rate by 10 basis points to 9.90% from its previous rate of 10%. Simultaneously, the Bank of Baroda also reduced its benchmark prime lending rate (BPLR) to 14.15% from its earlier rate of 14.25%. It is expected that the cut in base rate announced by Bank of Baroda will bring down the equated monthly instalments (EMIs) for the borrowers. All loans liked to bench mark rate are expected to come down by 0.10%.
Prior to Bank of Baroda, the State Bank of India was the first bank to announce cut in base rate in the previous month, following the Reserve Bank of India mandate on rate cut. SBI reduced its base rate by 15 basis points to 9.7%. Likewise, HDFC Bank, ICICI Bank and Allahabad Bank also reduced its base rate recently.
Posted on 7th July 2015
Central Cooperative Bank of the Salem District has proposed to set up a headquarters for quick sanctioning of housing loan to its member. This decision was taken after the meeting with R. Elangovan, Chairman of the bank.
At the meeting, R. Elangovan said that loan assistance will be tuned to Rs.30 lakhs towards construction of new house for the members and Rs.20 lakhs will be given as house mortgage loan. He also suggested to increase the target for crop loan by Rs.100 crores for the crop season.
During the current year, the bank had disbursed loan of Rs.432.05 crore under various heads to its members. Rs.33 lakh was given as housing loan and Rs.1.33 crore as house mortgage loan.
The meeting was attended by A.K. Sivamalar, Managing Director of the bank, S. Tamil Selvan, General Manager in-charge and other officials.
Posted on 7th July 2015
State Bank of India, the largest lender in the country launched a new initiative titled “Project Tatkal” to expedite home loan application process and provide doorstep services. The new project aims to provide loans within 10 days of receiving the completed application form along with all supporting documents.
Project Tatkal hopes to provide better customer service by fast-tracking the entire application process and will be implemented at large centres which have a sizeable home loan business. To cater to its three million home loan customers, the bank has also introduced an online customer acquisition solution (OCAS) for immediate e-approval of home loan applications. The Bank has a home loan portfolio of Rs 16, 60,000 crore and this initiative is aimed towards helping the bank improve its customer base and service.
Posted on 2nd July 2015
Kotak Mahindra is the new bank in town to cut down the base rate. The private sector bank reduced its base rate by 10 basis points causing it to drop to 9.75% p.a. from 9.85% p.a.The loans related to base rates will drop down thus causing the loan EMIs to come down. The rate cut will be effective from 2nd July 2015. The rate cut comes after many banks slashed their base rates and lending rates.
Posted on 1st July 2015
RBI’s directive of slashing interest rates as of January 2015 has brought forth a second reduction by southern financial institution Lakshmi Vilas Bank.
In effect from July 1, 2015, the minimum lending rate will be 10.95%, as opposed to 11.10% since April 2015. This has effectively lead the bank to bring down its rates by 30 basis points. Consequently, loans, EMIs, fund-based credits will also see a sweeter and favourable decline in their interest rates. The bank might see a boost in investment options and help retail and MSME customers.
The bank still has a long way to go to completely get the 75 basis points reduction as imposed by RBI. Additionally, the lowest rate currently in the market is 9.70%, which makes it a steep competition. But again, the adage, “slow and steady wins the race” has stood the test of time.
Posted on 1st July 2015
Following the footsteps of almost all major public-sector banks, Citibank has now announced a base rate cut of 15 bps in its lending rate. After the apex bank of India, the RBI announced a repo rate cut of 25 bps sometime earlier this financial year, almost all public sector as well as private sector banks have announced base rate cuts.
Citibank is the first foreign bank to cut its base lending rate after RBI’s announcement. The rate cut for the bank is driven by falling rate of interest reflected in lower cost of deposits.
Posted on 29th June 2015
The India’s third largest private sector bank has revised its lending rate by 10 bps from 9.95% to 9.85% per annum. The new rates are applicable from June 30, 2015. The effective rate will be applicable to the various fund based credit and credit limits linked to their base rate.
The leading lender of India, State Bank of India and the private sector lender ICICI Bank and the HDFC Bank have the lowest base rate at 9.70%.
The Reserve Bank of India cut 75 bps since January 2015 and the rate have partially been passed on to the borrowers by most big banks. The RBI Governor, Raghuram Rajan has been encouraging the banks to pass on the benefits of the repo rate cut to the end customer profusely. This means the loan EMI rate also will be coming down.
Posted on 26th June 2015
ICICI bank customers have a reason to celebrate as the bank is reducing lending rates(base rate) by 0.05% thus changing the rate to 9.7%.The rate cut will be effective from June 26 2015.The rate cut in the lending rates will lower the loan EMI rates. The loans related to base rates will come down. The rate cut by RBI has acted as a catalyst for the rate cuts by the other banks.
Posted on 22nd June 2015
The Reserve Bank of India intends to cut the interest rates by more than a percentage point as the inflation has slowed down.
Arvind Virmani, a member of the central bank's technical advisory panel that gives recommendation to the governor Raghuram Rajan said that the consumer price inflation rate has declined by three percentage points in the past 12-18 months and this raising the real interest rate by 2 – 3%. He also added that it is safe to cut the policy rates by 2% points. This is including the 75 basis point reductions that were already announced earlier this year. Though no timeframe was provided for this change.
The concern over inflation in India is because of this quarters rebound in oil prices and a forecast in below average monsoon rains on which agriculture is dependent on, which accounts to 15% of gross domestic product of India.
Posted on 22nd June 2015
The State Bank of Bikaner & Jaipur, an associate bank of State Bank of India (SBI), slashed its lending rate by 15 basis points from 10.10% to 9.95% on Monday.
The revised rates will be effective from June 18 onwards, the bank stated in a filing to the Bombay Stock Exchange.
Lending rate cuts will result in cheaper loans, thereby reducing Equated Monthly Instalments (EMIs) for the consumers. Several large banks cut their minimum lending rates after the Reserve Bank of India, in its second bi-monthly policy announcement, earlier this month, had slashed key policy rates for the third time since January.
State Bank of India (SBI), India’s largest bank cut its base rate by 15 basis points (bps) to 9.70% after RBI governor Raghuram Rajan urged banks to do so during announcement of the monetary policy. Consequently, Allahabad Bank, Punjab & Sind Bank and Dena Bank announced rate cuts.
Speaking at a meeting with Public Sector Unit (PSU) bank officials last week, finance minister Arun Jaitley said bankers assured the central government of more interest rates cuts in the next couple of days.
Posted on 22nd June 2015
Yes Bank, fifth largest private bank in the country, cut its base lending rate by 25 basis points from 10.75 percent to 10.50 per cent on Friday, the first rate cut by the Mumbai based bank following three key policy rate cuts by the RBI (0.75 per cent) this year. The revised rates will be effective from June 22 onwards.
Lending rate cuts will lead to cheaper loans and therefore, reduce Equated Monthly Instalments (EMIs) opted by the consumers. Yes Bank said the base lending rate cut is a result of the fixed deposit rate cuts of up to 25 basis points effective from June 17. Yes Bank's rate is, however, higher than its competitors. Chief executive and managing director of Yes Bank Rana Kapoor had indicated of the possibility of 0.25 per cent lending rate cut ahead of the meeting with finance minister Arun Jaitley recently.
Big banks such as HDFC Bank and State Bank of India (SBI) announced two rounds of rate cuts since April, following RBI governor Raghuram Rajan’s observation that banks have not been passing the rate cuts to the consumers. The Reserve Bank of India and the finance ministry want banks to slash rates to ensure effective policy transmission to borrowers and thereby boost economic growth in the country.
Posted on 17th June 2015
The Honourable Finance Minister, Mr. Arun Jaitley held a review meeting with all public sector banks. In the meeting these government owned banks have promised to slash interest rates to a further minimum. After the RBI announces a cut in the repo rate, many banks have reduced their lending rates. However, some banks have still not announced rate cut and have promised to do it over the next few weeks.
This will mean a rate cut for all loan borrowers which will reduce the interest on loan and their subsequent loan EMIs. The finance minister has also promised fund infusion to these banks in order to stabilize them after this rate cut.
Posted on 17th June 2015
HDFC is the recent bank to have joined the rate cut bandwagon by slashing its lending rates by 15 basis points to 9.7 percent. The rate cut comes after the rate cut by SBI and other banks. The rate cut will be effective from June 15, 2015. This move will result in lower EMI rates for the customer. Loan rates that are related to base rates will also come down with this rate cut. The rate cut comes after the rate cut by 25 basis points by RBI earlier in the month of June.
Posted on 10th June 2015
After the repo rate cut announced by Reserve Bank of India, many banks have followed suit. Latest to cut its lending rate is the Syndicate Bank which has cut its base rate by 25 bps to 10%. The new rate is effective from June 8th. The bank has also lowered its Benchmark Prime Lending Rate, BPLR from 15.50% per annum to 14.25% per annum.
This slash in the lending rate will lead to a slash in the rate of interest for loans which will lead to lower loan instalments for customers.
Posted on 10th June 2015
After the apex bank of India, the RBI reduced its policy rates by 0.25% almost all public sector bank have slashed their lending rates. United Bank of India announced a rate cut of 0.1%. The lending rate for the bank has now come down to 9.9% from 10%. Decrease in the lending rate will bring some relief to loan borrowers who can now enjoy a better rate of interest on their loans as a result of which their loan instalment amount will also come down.
Posted on 9th June 2015
Following the repo rate cut by the Reserve Bank of India, Federal Bank has slashed its minimum lending rate by 0.25 per cent. The new base rate now stands at 9.95 per cent. This cut in the lending rate is good news for loan borrowers who can now enjoy a lower rate of interest on their loans. Lower interest rates will in turn facilitate lower amounts of monthly instalments for loan borrowers. Customers can enjoy lower EMI amounts and save on the interest amount that they are required to pay each month.
This rate cut from Federal Bank has come as a result of the bi-monthly policy review of RBI. Soon after this meet, a number of public sector banks, including the State Bank of India have reduced their minimum lending rates.
Posted on 8th June 2015
Andhra Bank recently announced that it’s going to reduce its base rate by 25 basis points which means that it’ll go from 10.25% to 10%. This will result in lower EMIs and there will be change in the loan rates that are linked to the base rates. Central bank has joined the rate cut bandwagon by reducing its base rate from 10.25 to 9.95%.
Posted on 4th June 2015
Nationalised bank Allahabad bank recently announced rate cuts which came shortly after RBI cut its key policy rate. The bank cut its base rate/minimum lending rate by 0.3%. The base rate has gone down from 10.25% to 9.95%. With this new rate cut, all loans linked to base rate will come down by a minimum of 0.3%.The change in the base rate will also result in lower EMIs on all loans offered by Allahabad bank that is linked to the base rate. The new rate cut by Allahabad bank has given its customers a great reason to rejoice.
Posted on 4th June 2015
The Reserve Bank of India (RBI) has announce yet another cut, of 25 basis points, in the repo rates making it the third cut this year. The cut has reduced the lending rate to 7.25% which should now be transferred to the loan EMIs. The justification for this cut is that the inflation in the country is stable and won’t suffer through the summer rains.
The governor of the RBI, Mr. Raghuram Rajan has said that he expects the banks to pass these cuts onto the lenders soon, which will result in a reduction in the EMI (Equated Monthly Instalments) being paid on the loans. To that effect the Central Bank has also instructed banks to start cutting their lending rates to pass on the benefits to the borrowers at the earliest possible.
Posted on 2nd June 2015
Nationalised Bank, Bank of Maharashtra reduced its lending rates/base rates by 25 basis points. The rate was cut down from 10.25% to 10%. This move is expected to boost housing loans, car loans, SME loans and other loans. The rate cut has been effective since June 1 2015. This rate cut will lead to lower interest cost and lower EMIs. The rate cut comes after the two major rate cuts by RBI in this year.
Posted on 2nd June 2015
Private sector Karnataka Bank has joined the rate cut bandwagon by cutting its lending rates by 0.25% to 10.25%. This move will result in lower EMIs for the customers. This move will be effective from June 1. The rate cut is applicable to the existing loans and future loans. With the rate cut, all the loans linked to base rates will become relatively cheaper by a minimum of 0.25%. Other banks such as Punjab National Bank, Axis Bank, HDFC bank have also cut their lending rates. This move comes after RBI instructed the banks to implement the rate cut.
Posted on 2nd June 2015
State Bank of India (SBI) has launched an online platform for its customers through which they can apply for loans. Online Customer Acquisition Solution (OCAS) is the online platform launched by SBI. The application will let the customers apply for car loan, home loan, education loan and personal loan. The customer can also assess if they are eligible for the particular loan and get a quote on the loan based on their requirement. Once the customers uploads all the required documents online, the bank officials will contact the customer to take the process further. SBI is planning to launch a similar application on the mobile platform.
Posted on 28th May 2015
Tamilnad Mercantile Bank, a leading private sector bank in south India, is the latest bank to join the bandwagon in lowering lending base rates. The bank announced a reduction in its lending rates by 15 basis points to 10.60 from June 1. The interest rates will apply to new as well as existing customers, provided the loans were availed on floating interest rate basis. This also applies to corporate and MSME borrowers.
Posted on 28th May 2015
Public sector Corporation Bank, today announced a base rate cut of its lending rate by 0.25%to 10.0%, a release from the bank said. In its filing to Bombay Stock Exchange, the bank said it has brought down the lending rates from 10.25 to 10 percent. With this, all loans based on the lending rate will become cheaper and customers have to pay lower EMIs. After the repo rate cuts, some of the public and private sector banks have started reducing their lending rates. While banks like SBI, Axis bank, ICICI Bank and HDFC Bank had reduced their lending rates by 0.25 percent last month, banks to follow suit this month are Punjab National Bank, Bank of Baroda, Corporation Bank and IDBI Bank.
Posted on 22nd May 2015
Following base rate cuts made by top banks across the country, including India’s largest lender SBI, Vijaya Bank reduced its base rate to 10% p.a. The reduction symbolises a 25 basis points cut. The effect of such reduction was felt the most among the bank’s loan customers especially home loan borrowers. Loans with interest rates pegged to the base rate saw a decrease in total interest payable and thereby a decrease in EMIs.
Base rate cuts are in response to repo rate cuts introduced by RBI in recent times. With a reduction in inflationary pressures, RBI brought down repo rates i.e. the rate at which banks borrow. Owing to lower costs of funds, banks are now able to pass on the benefit to customers.
More rate cuts are expected in coming times as economic development picks up and inflationary pressures are reined in. While borrowers cheer at the possibility of lower lending rates, especially those with floating rate loan, fixed deposit holders will feel the pinch as FD rates are also seeing reductions as a parallel outcome. Many banks, including SBI, have reduced FD rates.
Posted on 20th May 2015
Syndicate Bank is looking into options to restructure loan EMIs payable by rural or low-income customers of education loans. It has been noted that those employed in low-income jobs, during the initial years of their career, face difficulty in making repayments.
Under a proposed scheme, the EMIs for the first two years will be reduced or EMIs can be deferred so as to make the loan more affordable. Currently, banks look at educational loans that cannot be repaid on an individual basis and try to restructure the repayment schedule.
Through such proposed schemes, Syndicate Bank is hoping to reduce NPAs. By making a loan affordable, the chances of default are lowered. Education loans form about 12% of Syndicate Bank’s loan book and accounted for 4% of the total NPAs.
Posted on 14th May 2015
EMIs on housing loans, auto loans and other loans are expected to come down in June 2015. RBI is likely to cut interest rates in its bi-monthly monetary policy review scheduled in June. This move will result in banks cutting the lending rates for customers. RBI has cut repo rates by 50 basis points in two moves since January. The central bank is expected to cut interest rates by 50 basis points going forward.
Posted on 04th May 2015
SBI has added a special division as part of its NRI Branch at Vijayawada to disburse quick and affordable gold loans. Launched at this branch, the bank aims to provide gold loans to NRIs at affordable interest rates and EMIs. Lower interest rates allow borrowers to spread interest dues over a long tenure thereby paying lower EMIs. This would in turn facilitate demand for gold loans.
SBI (State Bank of India) is India’s leading public sector bank and the country’s largest lender. SBI was the first bank to reduce its base rates following recent repo rate cuts by RBI. This has in turn prompted banks to lower interest rates on loans across different segments. While some banks are hesitating to reduce rates, leading banks like SBI, ICICI Bank and HDFC have already moved positively in this regard.