Advertisement
Bank of Maharashtra has reduced interest rates on its retail loan portfolio after the Reserve Bank of India lowered the repo rate by 25 basis points to 5.25 per cent. The bank's revised rates, which came into effect over the weekend, now start at 7.10 per cent for home loans and 7.45 per cent for car loans. These are among the most competitive rates currently offered by public-sector banks. The lender said the lower rates are intended to make borrowing more affordable at a time when customers are dealing with a high-interest environment.
Bank of Maharashtra has announced a 25-basis-point reduction in interest rates across a range of retail loans that are linked to the Repo Linked Lending Rate. The revision covers home, car, education and other retail categories. The updated rates came into effect over the weekend. Advertisement
After the change, the bank's home loans now begin at 7.10 per cent, while car loans start at 7.45 per cent. These rates are positioned among the lowest offered by banks at present. According to the bank, the adjustment is aimed at keeping its retail lending competitive and ensuring borrowers have access to more affordable credit options.
This development follows the Reserve Bank of India's decision late last week to reduce the repo rate by 25 basis points, bringing it down to 5.25 per cent. The central bank maintained a neutral policy stance, leaving the possibility open for future adjustments depending on economic conditions. The repo rate cut directly influences lending rates for banks whose products are linked to the benchmark.
In its statement, the bank explained that it intended to pass on the benefit of the policy rate cut to customers. It noted that making loans cheaper was part of its effort to support borrowers at a time when interest costs have generally been elevated. The lender added that the revised loan rates were designed to help customers manage financing requirements across housing, vehicles, education and personal needs.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
