New Delhi: Bank of India (BOI) has reduced the interest rates on home loans and car loans. The decision was taken considering the festival season in the country.
BOI has cut the home loan interest rates by 35 basis points (1%=100 basis points) and vehicle loan interest rates by 50 basis points. Thus, the interest rates on home loans are now at 6.50%. Earlier it was at 6.85%. The vehicle loan interest was reduced to 6.85% from 7.35%. The bank said that the new rates are applicable on fresh loans effective October 18, 2021 and will continue till December 31, 2021. It also decided to waive the one-time processing charge on both home and vehicle loans till December 31, 2021.
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Earlier, several other banks such as SBI, ICICI Bank, Bank of Baroda, Punjab National Bank, Yes Bank and Kotak Mahindra had reduced the rates.
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