Bank of India cuts interest rates on home loans and car loans

Bank of India announced a reduction of 35 basis points in its interest rates on home loans and 50 basis points in interest rates on car loans.

According to an official statement from the bank, the new interest rate for a Bank of India home loan starts at 6.50%. Previously, it was 6.85%.

The interest rate on the car loan was also reduced from 7.35 to 6.85%.

This special rate will be in effect from October 18 to December 31. It will be available for customers applying for new loans and also for those wishing to transfer loans.

Bank of India also shared the news on its official Twitter account. “Now Happiness will be doubled. Celebrate Happiness Day with Bank of India now. Get 6.5% BOI Star Home Loan and 6.85% Star Vehicle Loan with No Processing Fee. You can give call missed on 8010968305. For home loan type HL and text 7669300024. For car loan type VL and text 7669300024,” reads the public sector bank’s tweet.

The bank has also waived processing fees for both loan types until the offer period to make it more attractive to customers.

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Posted: Monday, October 18, 2021, 10:20 p.m. IST