Public sector lender Bank of Maharashtra (BoM) has reduced interest rates on a range of retail loans by 25 basis points, aligning its pricing with the Reserve Bank of India’s latest policy easing. The revised rates came into effect on Saturday.
Following the cut, home loan rates now start at 7.10%, while car loans begin at 7.45%, placing BoM among the most competitive lenders in the banking sector, the bank said in a statement.
The move comes after the RBI reduced the repo rate by 25 basis points to 5.25% on Friday, while maintaining a neutral monetary stance. The lower benchmark rate created room for banks to ease lending rates for consumers and businesses.
“This benefit of reduced interest rates reflects the bank’s commitment to offer the best financing solutions to customers and help them fulfil their dreams,” BoM said, adding that the rate cut aims to provide relief in a high-interest-rate environment and make retail credit more affordable.
The reduction covers all retail loans linked to the Repo Linked Lending Rate (RLLR), including home, car, education, and other personal loans.
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