Central Bank to offer repo-linked interest rate on home loans

State-run Central Bank of India on Sunday said it will be offering repo-linked interest rate (RLIR) on home and vehicle loan products with immediate effect.The lender said the existing borrowers will also be given an option to switch over to the new repo-linked interest rate at a fee, a statement said. It will continue to offer home loan and vehicle loan products linked to MCLR. Separately, the bank has also signed an agreement with ECL Finance, a subsidiary of Edelweiss Financial Services, for co-origination of loans to micro, small and medium enterprise (MSME) customers.