Bank of Maharashtra slashes interest rates on home and personal loans

State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to 8 per cent as part of its festive offer. Bank of Maharashtra (BoM) will no longer charge 8.30% for home loans; however, 8.0% will be the new interest rate that came after a reduction of 30 bps. Personal Loan interest rates are now lower, having dropped from 11.35% to 8.9%, a 245 basis point reduction. In addition, the bank has introduced a special ROI rate of 8% for home loans for defence personnel including paramilitary forces, benefiting both salaried and pensioners' categories.

As part of its "Diwali Dhamaka" initiative, BoM has already waived the processing fee for its gold, home, and car loans. By launching this promotion, the bank is giving consumers one of the lowest interest rates on retail loans, particularly for personal and home loans.“At a time when Loan Interest rates are rising across the spectrum in line with the rising policy rates, Bank is making Retail Loans cheaper to bring in cheer among customers during the festive season. It is expected customers will make best use of these benefits. Bank in its constant endeavor offering best financing solutions to all its valued customers and help them fulfill their needs," Bank of Maharashtra has said in a press release statement.

SBI is currently providing a discount of up to 0.25% on home loans, 0.15% on top-up loans, and 0.30% on loans against property as part of the Festive Bonanza deal. The bank has made the offer even more enticing by waiving the processing fees on home loans until January 31, 2023. In contrast, the Bank of Baroda (BoB) has waved off processing fees for its home loans and provides reasonable interest rates commencing at 7.95% p.a. It also offers affordable car loans with rates as low as 7.95% annually as part of the launch of its annual festive campaign, Khushiyon ka Tyohaar.