Going against the trend of rising interest rates, state-owned Bank Of Maharashtra reduced your home loan Rate of interest By 30 to 70 basis points from Monday. Bank also cut personal loan at the rate of 245 bps.

The bank said that it is making retail loans cheaper during this period to bring happiness among the customers. festive season,

Home loan from the bank will now be available at a minimum rate of 8% per annum, while the rate of personal loan has become cheaper to 8.9% from the earlier 11.35%.

Before that, at least home loan The rate was available at 8.30% for borrowers with credit scores over 800. For borrowers with credit scores 700 and above, an 8.7% fee was charged.

Now, the Pune-based lender has decided to offer an 8% rate for borrowers with a minimum score of 700, a bank official said.

The bank has already waived processing fees for gold, home and car loans under the ‘Diwali Dhamaka’ offer.

BoM’s net interest margin (NIM) for the June quarter stood at 3.28%, better than many in the banking industry, allowing the lender to go for aggressive loan pricing. state Bank of IndiaThe global NIM for the April-June period was 2.92% while its domestic business NIM was 3.15%.