The bank said it is making retail loans cheaper to bring in cheer among customers during the festive season
Home loans from the bank will now be available at 8% per annum while the personal loan rate becomes cheaper at 8.9% from earlier 11.35%.
It already waived processing fee for gold, home and car loans under ‘Diwali Dhamaka’ offer.
BoM’s net interest margin 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.