Bank of Maharashtra Reduces Retail Loan Rates, Provides Competitive Home and Auto Loans

Bank of Maharashtra (BoM) has lowered interest rates on retail loans by 25 basis points with effect from today. The action lowers the benchmark rate for home loans to 8.10%, one of the lowest in the banking sector. Car loan rates have also been lowered to 8.45% per annum. Besides, education and other loans that are tied to the Repo Linked Lending Rate (RLLR) have received a cut of 25 basis points. BoM has already waived processing charges on car and home loans, which is a benefit to the customers in two ways. The bank's move is strategic with an intention to provide competitive financing products and assist customers in meeting their financial objectives in a changing economic environment.

 

Source: Economic Times