Bank of Maharashtra (BoM) on Sunday announced reduction by up to 25 basis points (bps) in interest rates on retail loans, including home, car, education and other loans linked with Repo Rate Linked Lending Rate (RLLR).
The Pune-headquartered public sector bank, in a statement, said it has already waived processing fees on home and car loans.
For example, for salaried customers with credit score of “800 & above”, BoM is currently offering home loans and car loans at interest rates starting from 8.10% (RLLR: 9.05% + Spread: – 0.95%) and 8.45% (9.05%-0.60%), respectively.
For non-salaried customers with credit score of “800 & above”, the Bank is currently offering home loans and car loans at interest rates starting from 8.20% (9.05%-0.85%) and 8.55% (9.05%-0.50%), respectively.
The Bank said its retail loan interest rates, which are among the lowest in the banking industry, coupled with waiver of processing fees is part of its commitment to offer best financing solutions to its customers.
The cut in retail loan interest rates follows a reduction in the repo rate from 6.50 per cent to 6.25 per cent with effect from February 7th. So, with RLLR getting revised downwards, retail loans have become cheaper.
