Bank of Maharashtra (BoM) has implemented a reduction in its home loan and car loan interest rates, effective from August 14. The home loan interest rate has been lowered by 10 basis points (bps) to 8.50 per cent, while the car loan interest rate sees a significant reduction of 20 basis points, settling at 8.70 per cent.
The public sector bank, headquartered in Pune, previously extended home loans and car loans at rates of 8.60 per cent and 8.90 per cent, respectively.
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Moreover, in a bid to offer added relief to customers, BoM has waived processing fees for both home and car loan schemes. This strategic move is anticipated to alleviate financial burdens for borrowers, as highlighted in the bank’s official statement.
Amidst the current landscape of elevated interest rates, Bank of Maharashtra has demonstrated a proactive stance in facilitating financial ease for its customers by reducing the interest rates on home and car loans.
This endeavor aligns with the bank’s ongoing efforts to support its customers, as it has previously waived processing fees for other retail schemes, including education and gold loans, as part of its UDAAN Campaign.