The interest rate on vehicle loans has also been reduced from 7.35 to 6.85 percent.
The new interest rate will be applicable to the customers applying for the new loan and for the transfer of the loan.
Bank of India has cut 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 processing charges on home and vehicle loans till December 31, 2021.
According to an official statement from the bank, the new interest rate for home loans from Bank of India starts at 6.50 per cent. Earlier it was 6.85 percent. The interest rate on vehicle loans has also been reduced from 7.35 to 6.85 percent.
Bank of India also shared the news on its official Twitter handle. “Now the 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 Fee. You can give a missed call on 8010968305. For home loan, type HL and send SMS to 7669300024. For vehicle loan, type VL and send SMS to 7669300024.
According to the bank, the special rate will be applicable from 18 October 2021 to 31 December 2021. The new interest rate will be applicable to the customers applying for the new loan and for the transfer of the loan. The bank has waived processing charges on home and vehicle loans till December 31, 2021.
Waiving off processing fees is expected to attract more customers to the bank for loans. Banks charge a processing fee for home and vehicle loans to cover the expenses 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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