BoM Reduces Base Rate on Loans

On the background of good financial results posted for 31.03.2015, Bank of Maharashtra, a Nationalised Bank reduces its Base Rate or Minimum Lending rate by 25 basis points from 10.25% to 10%, a move which would lower the interest cost to customers and EMIs of all loans. The Base Rate of Interest reduction is effective from 1^st June, 2015. As it will reduce Base Rate Linked Loans and Advances EMIs.

Commenting on this Mr. R.K.Gupta, ED,Bank of Maharashtra said that, “It is hoped to boost Housing Loan, Car Loan, SME Loans and other Retails Loans credit off-take in the Current Year.”