New Delhi: Public sector lender Bank of Maharashtra (BoM) on Sunday announced reduction in interest rates by 25 basis points on retail loans, including home, car, education and other loans linked with Repo Linked Lending Rate (RLLR) in line with the Reserve Bank of India (RBI) rate cut.
With the revision effective Saturday, the bank’s home loan starts from 7.10 per cent interest rate and car loan from 7.45 per cent, which is among the lowest in the banking industry, Bank of Maharashtra said in a statement.
The Reserve Bank of India on Friday lowered the repurchase, or repo rate, by 25 basis points to 5.25 per cent and retained a neutral stance, which gave room for further rate cuts.
“This benefit of reduced interest rates reflects the bank’s commitment to offer best financing solutions to all its customers and help them fulfil their dreams. In the current high-interest rate landscape, the bank is making retail loans cheaper to bring in cheer among customers,” it said.