This bank offers the lowest interest rates on home and auto loans. Check details
New Delhi: Public lender Bank of Maharashtra (BoM) on Sunday announced the reduction of its interest rate on home loans to a historic low of 6.40%, against the existing 6.80% under its “Retail Bonanza-Festive Dhamaka”.
Previously, Union Bank of India was the only lender in the country to offer a rate of 6.40% on home loans. But with the latest cut in its interest rates, the BoM has also become the lowest rate lender on home loans.
Similarly, the bank also cut the interest rate on auto loans to a record low of 6.80% from 7.05% to attract more retail borrowers. However, BoM said that the rates mentioned above will not be given to everyone. The “Retail Bonanza-Festive Dhamaka” offer is tied to the borrower’s credit rating, the lender said.
These new rates take effect from tomorrow (December 13), the public sector lender said in a statement.
It should be mentioned here that BoM has already waived processing fees on its gold, housing and car loan.
“We believe the ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives,” BoM Managing Director AS Rajeev said in a statement.
With this offer, the bank offers one of the lowest interest rates for personal loans, especially for home and auto loans in the industry, BoM Chief Executive Hemant Tamta said.