Bank of Maharashtra launches Retail Bonanza-Monsoon Dhamaka

Bank of Maharashtra (BoM) has waived processing fees on its gold, housing and car loans till 30 September, 2021, under its ‘Retail Bonanza-Monsoon Dhamaka’ offer. The Pune-heaquartered public sector bank said in a statement that it is offering home loans and car loans at interest rates starting from 6.90 per cent and 7.30 per cent respectively.

The retail loan products are backed by several features like two free EMIs on regular repayment in housing loans, loan facility up to 90 percent in car and housing loans, no prepayment or pre-closure or part payment charges, it said. The lender said it has revamped its gold loan scheme and is offering loans up to Rs 20 lakh at an interest rate of 7.10 percent.

There is zero processing fee for gold loans up to Rs 1 lakh.

BoM said it has set up ‘Gold Loan Points’, dedicated counters in select branches, to facilitate gold loans within 15 minutes. Hemant Tamta, Executive Director, Bank of Maharashtra, said customers will benefit from lower rates and waiver of processing fee under the Dhamaka offer this festive season.

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