This bank offers the lowest interest rates on home and car loans. check details nbsp
New DelhiThe state-owned Bank of Maharashtra (BoM) on Sunday announced a cut in the interest rate on housing loans to an all-time low of 6.40%, from the current 6.80% as part of the ‘Retail Bonanza-Festive Dhamaka’ offer.
Earlier Union Bank of India was the only lender in the country offering 6.40% rate on home loans. But with the recent interest rate cut, BoM Bank has also become the lender offering the lowest rate on housing loans.
Similarly, the bank also lowered the interest rate on auto loans to a record low of 6.80% from 7.05% to attract more individual borrowers. However, Bank of America said the above rates will not be given to everyone. The lender said the ‘Retail Bonanza-Festive Dhamaka’ offer is linked to the credit score of the borrower.
The Public Sector Bank said in a statement that these new rates are effective as of tomorrow (December 13).
It is worth noting here that BoM Bank has already waived processing fees on the Gold, Housing and Auto Loan.
“We believe the Retail Bonanza-Festive Dhamaka offerings will help customers save more on their loans and bring joy to their lives,” Rajeev, managing director at BoM, said in a statement.
With this offer, the bank is offering one of the lowest interest rates on retail loans especially housing and auto loans in the industry, said Hemant Tamta, CEO of the Bank of Japan.