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Added on : 2019-08-23 19:59:42

The government on Friday announced a slew of measures to ensure that loans for homes, vehicles and consumption goods become cheaper and widely available through banking and non-banking finance companies.

Addressing the media in New Delhi, Union Finance Minister Nirmala Sitharaman also said that banks will pass on the RBI rate cut benefits to borrowers through MCLR reduction.

She said that banks will launch repo rate and external benchmark-linked loan products that will lead to reduced easy monthly installments for housing, vehicle and other retail loans.

Nirmala Sitharaman also said that the RBI discussed that the aim is to reduce the interest rate on housing and the auto rate.

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