Home / News / India /  Home loan: Bank of Maharashtra cuts interest rates to all-time low at 6.4%
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Bank of Maharashtra (BoM) has cut interest rates on home loans under its 'Retail Bonanza-Festive Dhamaka' to 6.40 per cent from the current 6.80 per cent. With this offer, the home loan interest rates have reached an all-time at the state-owned bank.

With the offer, the bank is providing one of the lowest interest rates in retail loans, especially for housing and car loans in the industry, BoM Executive Director Hemant Tamta told PTI.

Apart from home loans, BoM has also cut the interest rate on car loans to 6.80 per cent from the current 7.05 per cent. The bank said the new interest rates will be applicable from December 13.

BoM’s 'Retail Bonanza-Festive Dhamaka' offer will vary as per the credit score of the borrowers, the bank said. It has also waived the processing fees for its gold, housing and car loans.

"We believe that 'Retail Bonanza-Festive Dhamaka' offerings will help customers save more on their loans and bring cheers in their lives," BoM Managing Director AS Rajeev said.

Bank of Maharashtra had posted over a two-fold jump in its consolidated net profit at 264 crore in the second quarter ended September. Total income of the bank during the July-September period rose to 3,700.44 crore from 3,270.07 crore in the year-ago period, Bank of Maharashtra said in a regulatory filing.

The Bank of Maharashtra stock had closed at 20.70 (up 3.76 per cent) on the NSE on Friday.

Also read: Bank of Maharashtra, NPCI tie up to launch RuPay credit card

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