Bank of Maharashtra lowers home and personal loan interest rates by 30 to 70 basis points

Bank Of Maharashtra Launches Digital Lending Platform For Home, Car Loans

Going against the rising interest rate trend, state-owned Bank of Maharashtra has lowered its home loan interest rates by 30 to 70 basis points from Monday. The bank also cut personal loan rates by 245 bps.

The bank said it is making retail loans cheaper to bring in cheer among customers during the festive season.

Home loans from the bank will now be available at a minimum 8% per annum rate while the personal loan rate becomes cheaper at 8.9% from earlier 11.35%.

Earlier, the lowest home loan rate was available at 8.30% for borrowers with credit score more than 800. For borrowers with credit score 700 and above was charged 8.7%.

Now, the Pune-baed lender has decided to offer 8% rate for borrowers with minimum 700 score, a bank official said.

The bank already waived processing fee for gold, home and car loans under the ‘Diwali Dhamaka’ offer.

BoM’s net interest margin (NIM) for the June quarter was at 3.28%, which is better than many in the banking industry, allowing the lender to go for aggressive loan pricing. State Bank of India’s global NIM was at 2.92% while its domestic business NIM was 3.15% for the April-June period.
Source: Economic Times

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