The State Bank of Maharashtra (BoM) announced on Sunday that interest rates on mortgage loans were cut to an all-time low of 6.40%, from 6.80% in the framework of the “Retail Bonanza” offer -Festive Dhamaka “.

In addition, the bank also lowered the interest rate on auto loans to 6.80%, from 7.05% in line with market competition.

The new rates would go into effect on December 13, the BoM said in a statement.

The rate of the ‘Retail Bonanza-Festive Dhamaka’ offer is tied to borrowers’ credit score, he said, adding that the bank has already waived the processing fee for its gold, housing and loan loan. car.

“We believe that ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives,” said BoM General Manager AS Rajeev.

With the offer, the bank is offering one of the lowest interest rates for personal loans, especially home and auto loans in the industry, said BoM executive director Hemant Tamta.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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