Bank of Maharashtra waives processing fee for retail loans

State-owned Bank of Maharashtra (BoM) on Wednesday said it has waived processing fee for housing, gold and car loan as part of festive season offer.

Besides, the bank has launched loan against property product at an attractive rate, BoM said in a statement.

"To bring in cheer and joy amid the pandemic, BoM presents a slew of special offers for its retail customers during this festive season. Bank will offer housing loan and Car Loan with a rate of interest starting from 7.05 per cent and 7.70 per cent, respectively," it said.

The bank has also revamped its Gold Loan scheme offering loan up to Rs 20 lakh with zero processing fee at a lucrative interest of 7.50 per cent.

The bank's executive director Hemant Tamta said that the economic activities have opened up and being a hassle-free sanctioning of gold Loan at branches, it will benefit customers to meet their liquidity mismatch and to tide over their immediate financial needs.

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Bank has also introduced 'Gold Loan Point', a dedicated counter in its select branches to facilitate gold loan within 15 minutes, it added.