This bank offers the lowest interest rates on home and auto loans. Check details
New Delhi: The state lender Bank of Maharashtra (BoM) announced on Sunday as part of its “Retail Bonanza-Festive Dhamaka” offer that the interest rate on home loans would be cut to an all-time low of 6.40%, from 6.80%.
Union Bank of India used to be the only lender in the country to offer a 6.40% interest rate on home loans. But with the recent rate cut, BoM has also become the lender with the lowest home loan interest rate.
Similarly, the bank cut the auto loan interest rate from 7.05% to a record low of 6.80% to attract more retail customers. However, BoM said the above rates are not given to everyone. The offer “Retail Bonanza-Festive Dhamaka” is linked to the creditworthiness of the borrower, said the lender.
These new interest rates will apply from tomorrow (December 13th), said the public lender in a statement.
It is worth mentioning here that BoM has already waived the processing fee for its gold, home and car loan.
“We believe that the ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives,” said BoM managing director AS Rajeev in a statement.
With the offer, the bank is offering one of the lowest interest rates on retail loans, particularly home and auto loans, in the industry, said BoM Executive Director Hemant Tamta.