Bank of India reduced its interest rates

The Bank of India has reduced its interest rates on retail loans, including home and vehicle loan.The bank earlier reduced its minimum lending rates or marginal cost of funds based lending rates (MCLR) by up to 90 basis points.The rate on home loans has been lowered to 8.65% for women borrowers, while for others the rate has been set at 8.70%. The bank has reduced the interest rates for vehicle loans to 9.35%.

For loan against property, the new rates are set in the range of 10.50-11%. The rates for women borrowers will be 0.5% lower than the others.

Source-The Hindu

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