The Bank of Maharashtra has reduced its interest rates by 25 basis points on its retail loans like home and car loans following the action taken by the Reserve Bank of India (RBI). This initiative is to help customers get more value from their money as the new rates take effect from now.
We have reviewed our lending interest rates after five years and reduced the repo rate by 25 basis points to 6.25 per cent on February 7, said Bank of Maharashtra. As such, the benchmark home loan rate has been set at 8.10 per cent, which is one of the lowest in the banking sector currently. Car loan rates have also been reduced to 8.45 per cent annually, which will provide some comfort to the borrowers. In addition to rate cuts, the bank has also decided to waive off processing fees on home and car loans, thereby pass on dual benefits of lower interest rates and no processing charges to the customers. This initiative is another proof of Bank of Maharashtra’s willingness to provide financial facilities and assist its customers to achieve their financial objectives. The rate reduction also affects education loans and other products which were linked to the Repo Linked Lending Rate (RLLR), which have been reduced by 25 basis points. In a bid to expand its business, the Pune based bank has received the nod from the Reserve Bank of India to open an International Financial Services Centre (IFSC) Banking Unit at GIFT City. This will be the first time that Bank of Maharashtra will be opening an international branch, to carry out offshore banking operations from India and thus increase its capacity to provide certain financial services. These initiatives show that Bank of Maharashtra has a focus on the customer in its banking activities and is building its presence on the international scene.
