New Delhi, 7 December (H.S.): The Bank of Maharashtra (BoM) has joined the list of public sector lenders cutting retail lending rates, announcing a 0.25% reduction in its repo-linked loan rates (RLLR). The move, which took effect on Saturday, follows similar decisions by Bank of Baroda and Indian Bank after the Reserve Bank of India (RBI) lowered the benchmark repo rate by 0.25%.

With this adjustment, the bank’s home loans will now start at 7.10% interest, while car loans will begin at 7.45%, both among the lowest rates in the country’s banking industry. The bank stated that the revision aims to provide relief to borrowers and stimulate credit growth across retail segments, including housing, automobiles, and education.

The RBI had reduced the repo rate from 5.50% to 5.25% in its latest monetary policy review on Friday, prompting several public sector banks to revise their lending rates accordingly.

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Hindusthan Samachar / Jun Sarkar