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State-owned Bank of Maharashtra (BoM) has slashed retail loan interest rates by 25 basis points, following the Reserve Bank of India's (RBI) decision to cut the repo rate for the first time in five years. The repo rate, which determines how much banks pay to borrow from the RBI, was reduced by 25 basis points to 6.25% on February 7, 2025.
New Interest Rates on Loans
Home Loan Rate: Reduced to 8.10% (one of the lowest in the banking sector).
Car Loan Rate: Now at 8.45% per annum.
Education & Other Loans: Also cut by 25 basis points, as they are linked to the Repo Linked Lending Rate (RLLR).
Processing Fee Waived: BoM has also waived processing fees on home and car loans, providing additional relief for borrowers.
BoM Statement:
“The dual benefit of reduced interest rates and waiver of processing fees reflects our commitment to offering the best financing solutions to our customers and helping them fulfill their dreams.”
BoM Expands International Presence at GIFT City
In another significant development, BoM has received RBI’s approval to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City (Gujarat International Finance Tec-City).
BoM’s First International Branch: The new branch will enable the bank to:
Expand offshore banking operations.
Provide specialized banking services to customers.
Strengthen international banking business from India.
What This Means for Borrowers & Investors
Lower home & car loan EMIs for new and existing borrowers.
More affordable financing options for homebuyers and car owners.
Enhanced global banking services with BoM’s new GIFT City branch.
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