Mumbai: Leading public sector bank in the country, Bank of Maharashtra (BoM) reduced the interest rate on home and car loan. The rate is slashed by up to 20 basis points. The lender also waived off the processing fee. The new rates are effective from August 14.
After this revision, the interest rate for home loan will be 8.50%. Car loan has been made cheaper by 20 basis points to 8.70%. Earlier, the bank waived processing fees for its other retail schemes such as, education loan and gold loan under its UDAAN Campaign.
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The lender has also hiked its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points in select tenors upto one year.
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