Bank of Maharashtra Interest Rates for Loans : The Monetary Policy Committee of the Reserve Bank of India has recently decided to keep the repo rate unchanged for the 11th consecutive time. The repo rate is the interest rate at which the RBI lends money to banks. After this decision, several banks have reduced their interest rates. Among these, Bank of Maharashtra (BoM) has made its loans cheaper.
Bank of Maharashtra has reduced interest rates on loans
BoM (Bank of Maharashtra) has cut the interest rate on its retail loans, including home and car loans, by 0.25 percent. After this reduction, the benchmark rate for home loans has decreased to 8.10 percent, which is among the lowest rates in the banking industry. Similarly, the interest rate on car loans has come down to 8.45 percent. Likewise, the interest rate on education loans and the repo-linked lending rate (RLLR) has also decreased by a quarter percent.
In addition to reducing interest rates, BoM has waived processing fees for both home and car loans. The focus of this step is to make borrowing more affordable for customers seeking financial assistance for purchasing a home or vehicle. By reducing the cost of loans, banks aim to attract more borrowers.
These banks have also reduced interest rates
Bank of Maharashtra has already waived processing fees on home and car loans. Meanwhile, the Pune-based lender has received approval from the Reserve Bank of India to establish an International Financial Services Centre (IFSC) banking unit in GIFT City. This branch will serve as BoM’s first international branch to conduct offshore banking operations from India. This will help in expanding international banking business and enable the bank to provide special banking services to its customers.
Punjab National Bank (PNB) has also revised its loan interest rates. Effective from February 10, PNB offers home loans at an annual rate of 8.15%. Additionally, there are no processing fees or documentation charges on several schemes until March 31, 2025.
State Bank of India (SBI) has similarly reduced its home loan interest rate by 25 basis points or 0.25%, bringing the new rate to 8.25%. These changes have come into effect from February 15, 2025. SBI has also adjusted its external benchmark-based lending rate (EBLR) and RLLR.
