This bank offers the lowest interest rates on home and auto loans. Check details
New Delhi: State lender Bank of Maharashtra (BoM) on Sunday to cut its mortgage interest rate to an all-time low of 6.40% from 6.80% as part of its offer “Retail Bonanza-Festive Dhamaka”.
Previously, the Union Bank of India was the only lender in the country to offer a 6.40% rate on home loans. But with the latest interest rate cut, the BoM has also emerged as the lender offering the lowest rate on home loans.
Likewise, the bank also cut the interest rate on auto loans to an all-time high of 6.80% from 7.05% to attract more retail borrowers. However, the BoM has stated 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 are effective from tomorrow (December 13), the public sector lender said in a statement.
It should be mentioned here that the BoM has already waived the processing fees for its gold, housing and car loan.
“We believe that ‘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 the offer, the bank is offering one of the lowest interest rates for personal loans, especially home and auto loans in the industry, said BoM executive director Hemant Tamta.