Bank of Maharashtra Slashes Interest Rates on Retail Loans: A Relief for Borrowers

Bank of Maharashtra has announced a 25 basis points reduction in interest rates on retail loans, aligning with the RBI's recent rate cut. This move makes home and car loans cheaper for customers, reflecting the bank's commitment to providing affordable financing solutions.

In a significant development, Bank of Maharashtra (BoM) declared on Sunday a reduction of 25 basis points in interest rates on various retail loans. This includes home, car, and education loans, linked with the Repo Linked Lending Rate (RLLR), following the RBI's rate cut.

Effective from Saturday, the interest rates for home loans start at 7.10 per cent, while car loans begin at 7.45 per cent. These are among the most competitive rates in the banking sector, BoM revealed in a statement, aiming to provide relief to borrowers in a high-interest environment.

The Reserve Bank of India (RBI) reduced the repo rate to 5.25 per cent on Friday, maintaining a neutral stance. This move paves the way for further rate reductions, with BoM's decision seen as a step towards making retail loans more accessible and affordable for customers.

(With inputs from agencies.)