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New Delhi: In a relief to borrowers, state-owned Bank of Maharashtra (BoM) has cut interest rates by 25 basis points on home, car, and retail loans, following the Reserve Bank of India (RBI)’s repo rate reduction.
This marks the first repo rate cut in five years, with the RBI lowering it by 25 basis points to 6.25% on February 7.
New Interest Rates on Loans
Home Loan Rate: 8.10% (One of the lowest in the banking sector)
Car Loan Rate: 8.45% per annum
Education & Other Loans (Linked to RLLR): Reduced by 25 basis points
Additional Benefits for Borrowers
No Processing Fees on Home & Car Loans – BoM has waived processing charges, offering customers a dual benefit of reduced interest rates & zero processing fees.
Bank’s Statement:
"This move reflects our commitment to offering the best financing solutions and helping customers achieve their dreams."
Bank of Maharashtra to Expand Internationally
BoM Gets RBI Nod for International Banking Unit at GIFT City
- BoM has received approval from the RBI to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City (Gujarat International Finance Tec-City).
- This will be BoM’s first international branch, enabling offshore banking operations and expanding its global footprint.
- The move will help the bank provide specialized international banking services to customers.
What This Means for You?
Cheaper Home & Car Loans
No Processing Fees = Extra Savings
Easier Financing Options for Education & Other Loans
BoM’s Global Expansion = More Banking Opportunities
Looking to buy a home or a car? Now may be the perfect time to take advantage of these reduced rates!
