Bank of Maharashtra cut loan interest rates by 15 basis points

 

Bank of Maharashtra has cut the 0.15% loan interest rates. Taking a loan from Bank of Maharashtra has become cheaper now. Bank of Maharashtra has reduced the repo rate linked loan interest rate (RLLR) by 15 basis points. After this deduction, the interest rate has now come down from 7.05% to 6.90%. The new rates come into effect from November 7, 2020. Earlier, Canara Bank and Kotak Mahindra Bank have also cut interest rates this month.

 

Bank of Maharashtra's executive director Mr Hemant Tamta said after the deduction that this deduction has made our home loan, education loan, car loan, gold loan, and personal loan as well as MSME loan more attractive and cheap. Earlier, due to the Diwali festival season, the bank had waived processing charges on home, auto and gold loans.

 

Canara Bank also cut the loan interest rates, even before that the bank had cut the loan interest rates in the month of September. Bank of Maharashtra had cut MCLR by 0.10% for select periods. Kotak Mahindra Bank has also cut interest rate; Indian Overseas Bank also cut interest rates. Earlier on Thursday, The Indian Overseas Bank also cut MCLR from 0.05 to 0.50%. The new rates of Indian Overseas Bank will be effective from November 10, 2020.