The new rates, effective from 20 June 2025, will reduce EMIs or loan tenures for borrowers, offering major relief to home and personal loan customers.
The Reserve Bank of India (RBI) recently cut the repo rate by 50 basis points (0.50%), reducing it from 6% to 5.50%. Its effect is now slowly showing on the banks. Following other major banks, Tamilnad Mercantile Bank has now reduced its Repo Linked Lending Rate (RLLR) from 9.00% to 8.50%.
Tamilnad Mercantile Bank (TMB) is one of the renowned old private sector banks, having its headquarters in Thoothukudi (Tamil Nadu). The bank has opened 26 new branches during the year FY 24-25.
The bank’s net profit rose 15.35% to Rs 291.90 crore on 8.78% increase in total income to Rs 1,542.06 crore in Q4 March 2025 over Q4 March 2024.
Shares of Tamilnad Mercantile Bank rose 0.21% to Rs 444.50 on the BSE.