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Bank of India Cut Interest Rates on Home Loans, Auto Loans till Year-end. Details Here

By: Business Desk

Local News Desk

Last Updated: October 18, 2021, 18:43 IST

The interest rate on the vehicle loan has also been cut down from 7.35 to 6.85 percent.

The interest rate on the vehicle loan has also been cut down from 7.35 to 6.85 percent.

The new interest rate will be applicable for customers applying for new loans and transfer of loans.

The Bank of India has cut the interest rate on home and auto loans for its customers this festive season. The public sector bank has cut the interest rate on home loans by 0.35 percent and on vehicle loans by 0.50 percent. The bank has waived the processing charge on home and vehicle loans until December 31, 2021.

According to an official statement of the bank, the new interest rate for a home loan from the Bank of India starts at 6.50 percent. Earlier, it was 6.85 percent. The interest rate on the vehicle loan has also been cut down from 7.35 to 6.85 percent.

The Bank of India also shared the news on its official Twitter handle. “Now happiness will be doubled. Now celebrate the festival of happiness with Bank of India. Get BOI Star Home Loan @ 6.5% & Star Vehicle Loan @ 6.85% with Zero Processing Charges.  You can give missed call on 8010968305. For home loan, type HL and send SMS to the number 7669300024. For vehicle loan, type VL and send SMS to the number 7669300024," read the tweet from the government sector bank.

The special rate will be applicable from October 18, 2021, to December 31, 2021, according to the bank. The new interest rate will be applicable for customers applying for new loans and transfer of loans. The bank has waived the processing charge on home and vehicle loans till December 31, 2021.

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The waiving of the processing fees is expected to attract more customers to the bank for loans. Banks charge the processing fee for home and vehicle loans to cover the costs incurred during the loan process. It is not deductible from the loan amount, and the borrower is required to pay it separately.

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first published:October 18, 2021, 16:48 IST
last updated:October 18, 2021, 18:43 IST