Mumbai: State-owned Bank of Maharashtra (BoM) has slashed loan interest rates. The public sector bank has cut interest rate by 25 basis points on retail loans, including home and car loans. This decision was taken in line with reduction in repo rate by RBI. After a gap of 5 years, RBI reduced the repo rate, the rate at which banks borrow from the central bank, by 25 basis points to 6.25 per cent
Following this, the benchmark rate for home loan has been reduced to 8.10 per cent, one of the lowest in the banking industry. Car loan came down to 8.45 per cent per annum. Similarly, education and other loans linked with Repo Linked Lending Rate (RLLR) has also been reduced by 25 basis points.
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The bank has already waived processing fees on home and car loans. Meanwhile, the Pune-based lender has received Reserve Bank of India’s approval to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City. The branch will function as BoM’s first international branch carrying out offshore banking operations from India.