New Delhi: Government-owned Bank of Maharashtra (BoM) has given great news to its millions of customers. The bank has announced to reduce the interest rates on its retail loans. The bank said that it has reduced the interest rates on retail loans by 25 basis points, which also includes home and car loans. This decision has been taken after the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points on February 7. The repo rate has now become 6.25 percent, which has been reduced for the first time in the last five years.
Big relief to customers
Bank of Maharashtra has given a big relief to its customers by reducing the home loan interest rate to 8.10 percent, which is one of the lowest rates in the banking industry. Apart from this, the interest rate on car loan has also been reduced to 8.45 percent per annum.
Processing fees also waived
At the same time, interest rates on education and other loans linked to repo linked lending rates (RLLR) have also been reduced by 25 basis points. Along with this, the bank has also waived the processing fees on home and car loans. The bank says that this double relief—low interest rates and waiver of processing fees—reflects the bank’s commitment to provide the best financial solutions to customers.
Approval of International Branch of the Bank
Along with this, Pune-based Bank of Maharashtra has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) banking unit in GIFT City. This branch will be the first international branch of the bank, which will conduct foreign banking operations from India. This will expand the international banking business of the bank and will also provide special banking services to the customers. The bank has promised to not only benefit domestic customers with this move, but also aims to increase its international business.
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