Bank of Maharashtra has said that it wants to bring a smile on the faces of customers during the festive season by cutting interest rate on retail loans for common people.
New Delhi: While all banks in the country are increasing interest rates on home loans, personal loans and consumer loans, auto loans, etc., Bank of Maharashtra has announced a big relief to its customers. Bank of Maharashtra has cut interest rates on home loans and personal loans. If you are also thinking of taking a home loan, then you can save a lot in interest rates by taking advantage of this offer of Bank of Maharashtra.
Currently, interest rates are rising in the country and contrary to this trend, Bank of Maharashtra has reduced the interest rate on its home loan by 30 to 70 basis points. These interest rates have come into effect from Monday. Along with this, Bank of Maharashtra has reduced the interest rates on personal loans by up to 245 basis points. The bank has said that it wants to bring a smile on the faces of customers in the festive season by cutting the interest rate of retail loans for the common people.
Bank of Maharashtra has said that the home loan is now available at 8 per cent per annum interest rate, whereas the interest rates on personal loan which were earlier 11.35 per cent have now gone up to 8.9 per cent. Earlier, Bank of Maharashtra was giving home loans at the rate of 8.30 percent. If a customer has a credit score of more than 800, then the home loan rate for him was 8.3 percent.
If a customer has a credit score above 700, then the home loan rate for him was 8.7%. Pune-based Bank of Maharashtra has now decided to offer home loans at the rate of 8% even to people with a credit score of 700.
Bank of Maharashtra has already waived processing fee for Gold Loan, Home Loan and Car Loan under Diwali Dhamaka Offer. Bank of Maharashtra’s net interest margin stood at 3.28% in the June quarter. This is much better than many other businessmen in the banking industry. Because of this, Bank of Maharashtra is showing an aggressive policy in giving loans. The country’s largest bank State Bank of India has a global NIM of 2.3%, while its NIM in domestic business is 3.15 percent. Accordingly, the NIM of Bank of Maharashtra has been better than that of State Bank of India.
