Going against the rising interest rate trend, state-owned Bank of Maharashtra has lowered its home loan and personal loan interest rates by 30 to 70 basis points from Monday.
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.
