There is good news for people taking loans from the bank. Bank of Maharashtra (BoM) has cut the interest rates of its home loans, car loans, and other retail loans by 0.25% (25 basis points). This made home and car loans cheaper. This cut has been done after the Reserve Bank of India (RBI) reduced the repo rate by 0.25%.

Relief from RBI's decision

On February 7, the Reserve Bank of India (RBI) cut the repo rate by 0.25% for the first time after 5 years, due to which it has now become 6.25%. The bank's customers are getting direct benefits from this.

How much change in interest rates?

The new interest rate of home loans (Home Loan Interest Rate) has become 8.10%, which is one of the lowest rates in the banking sector. At the same time, car loans (Car Loan Interest Rate) will now be available at the rate of 8.45%. Interest rates on education loans and other loans have also been reduced by 0.25%.

Processing fees are also waived

Bank of Maharashtra has also removed the processing fees (Loan Processing fees) on home and car loans, making it even cheaper to take a loan. Now customers will find it easier to take a loan. According to experts, more banks can make loans cheaper in the coming time.

How to apply for a loan?

If you want to take a home or car loan from Bank of Maharashtra, you can apply online:

1. Visit the bank's website ([bankofmaharashtra.in](https://bankofmaharashtra.in)).

2. Go to the Home / Car Loan section.

3. Fill in your information and upload documents.

4. The bank will review your application and approve the loan.

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