Defying Trend, Bank Of Maharashtra Slashes Home, Personal Loan Interest Rates. Details Inside

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%.

Written by: India.com News Desk Edited by: Anurag Kumar

Published: October 17, 2022, 8:03 AM IST

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The move by the bank comes with a hope to bring cheer to the customers this festive season.

New Delhi: At a time when banks are increasing the interest rates for home loans and personal loans, the Bank Of Maharashtra has chosen a different path. 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 move by the bank comes with the hope to bring cheer to the customers this 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 a credit score of more than 800. For borrowers with credit scores of 700 and above charged 8.7%.

Earlier, the bank announced a ‘Diwali Dhamaka Offer’ which waived off waived processing fees for gold, home and car loans.

Bank Of Maharashtra’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.