New Delhi: If you are thinking of buying a house-car in the festive season, then this news is for you only. Bank of Maharashtra has reduced its interest rates by 0.30 percent from 8.30 percent to 8 percent. The new rates have come into effect from 17 October i.e. today itself. Not only this, while taking a big cut of 2.45 percent in the interest of personal loans, it has been reduced to less than 9 percent.
The bank’s personal loan will now be available at an interest rate of 8.9 percent instead of 11.35 percent. It is worth noting that other factors including your credit score and income source can affect the interest rate. The bank is offering home loans for defense sector employees (both working and retired) at an ROI of 8 percent. Paramilitary forces are also involved in the defense sector. Earlier, the bank already announced the complete removal of processing fees on gold, home loans, and car loans under ‘Diwali Dhamaka’.
What did the bank say?
Explain that the Bank of Maharashtra is among the banks offering the lowest interest rates on retail loans including personal and home loans. In a statement, the bank said, “While loan interest rates are increasing everywhere with the increase in policy rates, Bank (of Maharashtra) wants to share the joy among the people in the festive season by making retail loans cheaper. We are hoping that the customers will make better use of this discount.”
Other banks are also offering
Not only the Bank of Maharashtra, some other banks are also offering offers to woo customers during the festive season. SBI is offering a discount of 0.25 percent on the interest rate of the home loan. Apart from this, the bank is giving a discount of 0.15 percent on top-up loans. Under the Festive Bonza deal, if you take a loan against property from the bank, then you will get a discount of 0.30 percent in the interest rate. The bank has made it more attractive by removing the processing fee on the home loan till January 31, 2023. Apart from this, the Bank of Baroda has also taken a similar step. The bank is giving loan on home loans at an interest rate of 7.95 percent. Along with this, the bank is also giving car loans at an interest rate of 795 percent. This discount is being given under the bank’s annual festive campaign ‘Festival of happiness’.
