Bank of Maharashtra Cuts Retail Loan Rates by 25 Basis Points
Mumbai: Bank of Maharashtra has slashed its retail loan rates by 25 basis points. This reduction will make home loans and car loans cheaper for customers.
The new interest rates will be applicable to both existing and new customers. Home loan interest rates now start at 8.50% per annum. Car loan rates have also decreased, starting at 9.25% per annum.
The bank’s decision aims to boost loan growth and increase customer demand in the retail segment. With this rate cut, borrowers can expect lower Equated Monthly Installments (EMIs).
The move is expected to benefit existing customers and attract new borrowers. Bank of Maharashtra’s rate cut may prompt other banks to follow suit in reducing their retail loan rates.
