Bank of Maharashtra surges on cutting interest rate on home loans to 8% as part of festive offer

Bank of Maharashtra is currently trading at Rs. 18.70, up by 0.75 points or 4.18% from its previous closing of Rs. 17.95 on the BSE.

bank of maharashtra slips as rbi rejects its proposal to set off rs 7360 crore losses
Bank of Maharashtra

The scrip opened at Rs. 18.00 and has touched a high and low of Rs. 19.00 and Rs. 18.00 respectively. So far 1140617 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 22.80 on 21-Oct-2021 and a 52 week low of Rs. 15.00 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 19.00 and Rs. 17.70 respectively. The current market cap of the company is Rs. 12518.72 crore.

The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.90% and 5.13% respectively.

Bank of Maharashtra (BoM) has cut interest rate on home loans to 8 percent as part of its festive offer. The bank currently offers home loans starting at 8.3 percent.

The rate varies depending on the borrower’s credit score.

The Pune-based lender has also slashed interest rate on personal loans to 8.9 percent from the existing 11.35 percent effective from October 17, 2022.

The lender has already waived the processing fees for its gold, home, and car loans under the ‘Diwali Dhamaka’ offer.

By introducing this offer, the bank is offering one of the lowest interest rates in retail loans, especially home and personal loans, in the banking industry.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc.

The Bank also offers services to agricultural and SME sectors.

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