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Bank of Maharashtra waives processing fees on home and auto loans

The Bank of Maharashtra (BoM) announced on Friday that it will waive processing fees on home and car loans from August 1.

The processing fee waiver is part of the Pune-based public sector bank’s bargain campaign.

The bank offers home and car loans at an interest rate (RoI) starting at 7.30% and 7.70%, respectively.

Retail products are supported by features such as three free EMIs (equivalent monthly installments) on regular home loan repayment, up to 90% loan facility for auto and home loans, no fees prepayment / pre-closing / partial payment, among others, according to BoM’s statement.

The bank’s housing loan portfolio had grown by around 20% year-on-year in the first quarter to stand at ₹21,807 crore at the end of June 2022. The car loan portfolio had grown by around 25% in YoY to hit ₹2,220 crore.

AS Rajeev, Managing Director and CEO, observed that BoM offers one of the most lucrative prizes to its retail customers

Asheesh Pandey, chief executive, said the campaign aims to boost the bank’s retail outlook.

The BoM also said the bank is offering a gold loan of up to ₹25 lakh with a return on investment of 7.70%, with no processing fees up to ₹3 lakh.

• Car loans