Bank of Maharashtra trims lending rates

Bank of Maharashtra (BoM) has decided to reduce its base rate to 10.5 per cent from 1 May. The interest rates on loans that are linked to base rate will be reduced by 0.10 per cent and the rate cut will benefit existing and prospective home loan borrowers, auto loan borrowers, micro, small and medium enterprises (MSME) and all other categories of borrowers. Following the slash in the base rate, the bank on Thursday released its new floating interest rate structure.

As per the revised interest rate structure, the loan taken for the tenure up to and inclusive of 5 years up to Rs 25 lakh can be availed at the base rate of 10.5 per cent.

The loan amounting to Rs 25 lakh to 30 lakh taken for the same tenure will also come at the same interest rate, while as the amount exceeding Rs 30 lakh but less than Rs 75 lakh can be availed at the interest rate which is 0.5 per cent more than the new base rate and that of Rs 75 lakh and above will come at an interest rate which would be 0.75 per cent more than the new base rate.

The loan taken for the tenure above 5-years and up to and inclusive of 10 years and amounting to Rs 25 lakh will come at 0.2 per cent more rate than the base rate, while as the loan between Rs 25 lakh to 30 lakh will come at a rate which will be 0.25 percent more than the base rate.

The loan exceeding Rs 30 lakh but less than Rs 75 lakh will come at 1 per cent more interest rate than the base rate while as the loan amounting to Rs 75 lakh and above will come at a rate which is 1.25 per cent more than the base rate. The loan with the tenure of more than 10 years, but below and inclusive of 20 years will come at the rate which is 0.3 and 0.5 per cent more than the base rate for up to Rs 25 lakh and that between Rs 25 lakh to Rs 30 lakh. The loan amount exceeding Rs 30 lakh, but less than Rs 75 lakh will come at a rate more than 1.25 per cent of the base rate, while Rs 75 lakh and above will come at 1.5 per cent more than the base rate.

Source: Financial Express