The Bank of India has cut interest rates on home loans and car loans until the end of the year. Details here

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

The new interest rate will apply to customers requesting new loans and loan transfers.

The Bank of India has reduced the interest rate on home and auto loans for its customers in this festive season. The public sector bank cut the interest rate on home loans by 0.35% and on car loans by 0.50%. The bank has waived processing fees on home and auto loans through December 31, 2021.

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%.

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 special rate will be applicable from October 18, 2021 to December 31, 2021, according to the bank. The new interest rate will apply to customers requesting new loans and loan transfers. The bank has waived processing fees on home and auto loans through December 31, 2021.

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

Read all the latest news, breaking news and updates on coronavirus here. Follow us on Facebook, Twitter and Telegram.