BoM Slashes Loan Rates Amid RBI Rate Cut

The Bank of Maharashtra has reduced interest rates on retail loans, including home and car loans, following a 25 basis point cut in the repo rate by the RBI. The bank also waived processing fees on these loans, signaling its commitment to providing competitive financing solutions.

The Bank of Maharashtra (BoM) has announced a reduction of 25 basis points in interest rates for retail loans, which include home and car loans. This move aligns with the recent repo rate cut by the Reserve Bank of India (RBI), the first in five years, lowering the rate to 6.25 percent.

In a strategic move, BoM decreased its benchmark home loan rate to an impressive 8.10 percent, one of the lowest in the industry, according to a statement by the bank on Sunday. Car loans have also become more affordable at a rate of 8.45 percent per annum.

The bank is further helping its customers by waiving processing fees on both home and car loans. Additionally, the bank has received approval from the RBI to set up a Banking Unit at GIFT City, facilitating its offshore operations and expanding its international financial services.

(With inputs from agencies.)