State-run lender Bank of India reduced its interest rates on home loans and vehicles loans by 35 basis points and 50 basis points, respectively to provide affordable loan offers to its customers amid the festive season.
With the recent cut, the interest rates on home loans starts at 6.50 per cent, compared to 6.85 per cent earlier, while rates on vehicle loans start at 6.85 per cent, compared to 7.35 per cent earlier, according to Bank of India' statement.
The new interest rates effective between October 18, 2021- December 31, 2021, is available for customers applying for fresh loans and also for those seeking transfer of loans, according to Bank of India. The processing charges are also waived for both Home and Vehicle loan till the end of the year.
On Tuesday, October 19, shares of Bank of India settled 2.90 per cent lower at Rs 60.35 apiece on the BSE. Bank of India opened on the BSE at Rs 62.60, touching an intra day high of Rs 63.40 and an intra day low of Rs 60, throughout the trading session today.
Meanwhile, several other banks including private sector and public-sector lenders announced a major cut in interest rates on home and vehicle loans this festive season. State Bank of India - the country's largest lender, reduced the home loan interest rate to 6.7 per cent.
Kotak Mahindra Bank - one of the firsts to announce the festive season offer, reduced interest rates on home loans to 6.50 per cent per annum, which will began from September 10 and will continue till November 8, 2021.
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