Bank of Maharashtra cuts interest rates to historic low of 6.4%

The Bank of Maharashtra (BoM) has cut interest rates on mortgage loans as part of its “Retail Bonanza-Festive Dhamaka” to 6.40%, from 6.80% currently. With this offer, interest rates on home loans have reached an all-time high at the state bank.

With the offer, the bank is offering one of the lowest interest rates for personal loans, especially home and auto loans in the industry, said BoM executive director Hemant Tamta. PTI.

In addition to home loans, the BoM has also cut the interest rate on auto loans to 6.80%, from the current 7.05%. The bank said the new interest rates would apply from December 13.

BoM’s “Retail Bonanza-Festive Dhamaka” offer will vary depending on borrowers’ credit rating, the bank said. He also waived the processing fees for his gold, home and car loans.

“We believe that ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives,” said BoM General Manager AS Rajeev.

Bank of Maharashtra recorded a doubling of its consolidated net profit to ??264 crore in the second quarter ended September. The total income of the bank during the period July-September amounted to ??3,700.44 crore ??3,270.07 crore over the period last year, the Bank of Maharashtra said in a regulatory filing.

The Bank of Maharashtra action had closed at ??20.70 (up 3.76%) on the NSE Friday.

Read also : Bank of Maharashtra and NPCI team up to launch RuPay credit card

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Bernadine J. Perkins