Priyanka
Share
Bank of Maharashtra (BoM) has recently lowered its interest rates on retail loans, including home and car loans, by 0.25%. This decision follows the Reserve Bank of India's (RBI) move on February 7 to cut the repo rate by 0.25% to 6.25%—the first cut in five years. The repo rate is the rate at which banks borrow money from the RBI.
Following this change, BoM now offers home loans at a benchmark rate of 8.10%, making it one of the most competitive rates in the market. Car loans have also seen a reduction, now available at 8.45%. In addition, both education loans and the repo-linked lending rate (RLLR) have been reduced by 0.25%. The bank has sweetened the deal by waiving the processing fee on both home and car loans, emphasizing its commitment to offering the best financing solutions.
In a similar move, Punjab National Bank (PNB), the country’s second-largest public sector bank, has also reduced its interest rates on several types of loans. Effective February 10, PNB now offers home loans starting at 8.15% per annum, while its Digi Car Loan is available at 8.50% per annum, along with reductions on personal and education loans.
