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Mumbai: Taking cue from bigger banks, state-run Bank of Maharashtra has slashed its home and vehicle loan rates and reduced deposit rates across various maturities.
Loans sanctioned up to December 31, 2009 will avail the benefit of rate reductions, BoM said in a release.
Following the reduction, the bank would offer home loans up to Rs 30 lakh at a fixed rate of 8 per cent for the first two years, 8.5 in the third year, 9.5 per cent in the fourth and 9.75 per cent in the fifth year.
After the fifth year, the rates will be reset based on the benchmark prime lending rate of the bank, it said.
For loans above Rs 30 lakh, for the first two years the rate will be 8.25 per cent, for the third 9 per cent and 9.75 per cent in the subsequent fourth and fifth years.
It has also reduced lending rates on vehicle loans. Now, interest rates for the first three years of the loan has been fixed at 9.5 per cent.
Also, it reduced interest rates on term deposits by 0.25-0.5 per cent across various maturities effective from November 16.
Recently, the country’s largest lender, State Bank of India slashed interest rates on domestic term deposits by 0.25-0.5 per cent across maturities to reduce cost of funds.
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