State-owned Bank of Maharashtra (BoM) on Saturday said it will reduce its repo linked lending rate (RLLR) by 75 basis points from April 7.

All retail loans (housing, education, vehicle), and MSME loans, which are linked to RLLR, will now be available at cheaper rates, the bank said in a statement.

Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points.

BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.

The one-year MCLR will be revised to 8 per cent from 8.25 per cent, the bank said.

For six months, MCLR rate has been revised to 7.80 per cent from 7.90 per cent.

The reduction in MCLR is aimed to support economic growth and industrial development and ensure rate transmission, the lender said.