Bank of Maharashtra waives loan processing fees under special offer

State-owned Bank of Maharashtra (BoM) has announced a slew of offers, including concessional interest rates and a 100 per cent waiver on processing fees on retail loans.

The bank under 'Retail Bonanza-Monsoon Dhamaka' waived the processing fee for its gold, housing and car loan and the offer is valid till September 30, 2021, BoM said in a statement on Friday.

The bank offers housing and car loans with interest rates starting from 6.90 per cent and 7.30 per cent, respectively.

The retail products are backed by several lucrative features like two free EMIs on regular repayment in the home loan; loan facility up to 90 per cent in the car and housing loans; and no pre-payment/pre-closure/part payment charges etc., it said.

Commenting on the special offer, BoM executive director Hemant Tamta said, "We intend to gift our customers an attractive proposition for availing gold, housing and car loans, who will be benefited from lower rates and waiver of processing fee offer.

The Pune-based lender has also revamped its gold loan scheme, offering loans up to Rs 20 lakh at a 7.10 per cent interest rate, with zero processing fee up to Rs 1 lakh.

The bank has 'Gold Loan Point', a dedicated counter in its select branches to facilitate gold loans within 15 minutes, it said.

Last month, the country's largest lender State Bank of India (SBI) had announced waiving processing fees on home loans till August-end.