State-owned Bank of Maharashtra has reduced interest rates by up to 50 basis points (bps) on retail loans, including home, car, education and other loans linked to the repo rate, the bank said in a statement. The revision in interest rates will come into effect retrospectively from 10 June. The bank is currently offering its home loan starting from a 7.35 per cent interest rate and car loan starting from 7.70 per cent.
Meanwhile, state-owned Bank of Baroda has reduced its marginal cost of funds-based lending rate (MCLR) by 5 bps in select tenors, effective 12 June.