Bank of Maharashtra slashes retail lending rates by up to 40 bps

The Pune-based lender's outstanding home loans stood at Rs 19,112 crore as of September 2021

Faced with competition from fellow financiers, Bank of Maharashtra (BoM) has slashed lending rates on retail loans — home and vehicle — by up to 40-basis points. 

The revised rates are linked to borrowers’ credit score and come into effect from December 13. A S Rajeev, managing director (MD) & chief executive officer (CEO), BoM, said the bank has revised rates between 10 and 40 basis points that are linked to a person’s CIBIL score. 

“Many of the bank’s customers have savings accounts with us but have taken loans, especially for housing, from other financiers,” he said. 

The public sector lender will try