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Bank of Maharashtra (BoM), on Friday, said it will waive processing fee on housing and car loans with effect from August 1.
The processing fee waiver is part of the Pune-headquartered public sector bank’s monsoon retail bonanza campaign.
The bank offers housing and car loans at a rate of interest (RoI) starting from 7.30 per cent and 7.70 per cent, respectively.
The retail products are backed by features such as three free EMIs (equated monthly instalments) on regular repayment of housing loan, loan facility of up to 90 per cent for car and housing loans, no pre-payment / pre-closure / part payment charges, among others, per BoM’s statement.
The bank’s housing loan portfolio had grown by about 20 per cent year-on-year in the first quarter to stand at ₹21,807 crore as of June-end 2022. Vehicle loan portfolio had increased by about 25 per cent y-o-y to ₹2,220 crore.
AS Rajeev, Managing Director & CEO, observed that BoM is offering one of the most lucrative pricing to its retail customers
Asheesh Pandey, Executive Director, said the campaign is aimed at giving a thrust to the bank’s retail prospects.
BoM also said bank it is offering gold loan up to ₹25 lakh at a ROI of 7.70 per cent, with zero processing fee up for loans to ₹3 lakh.
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