New Delhi: State-owned Bank of Maharashtra (BoM) on Thursday said it has reduced its interest rate by up to 50 basis points on retail loans, including home, car, education and other loans linked with Repo Linked Lending Rate.
The interest rate reduction by Pune-based lender is in line with the rate moderation done by RBI last week and the new rates are effective from June 10.
With the rate cut, its home loan now starts from 7.35 per cent and car loan from 7.7 per cent, which is among the lowest interest rates in the banking industry, BoM said in
a statement.
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, it said.
In the current interest rate landscape, the bank is making retail loans cheaper to bring in cheer among its customers,
it added.