Bank of India cuts home, vehicle loan rates

The state-run Bank of India announced a 35-basis-point and 50-basis-point reduction in interest rates on housing and auto loans, respectively.

The interest rate on home loans now starts at 6.50 percent, down from 6.85 percent previously, while auto loans now start at 6.85 percent, down from 7.35 percent previously, according to the bank.

Customers applying for new loans as well as those requesting loan transfers will be eligible for this special rate, which will be in place from October 18, 2021, until December 31, 2021.

Processing fees for both home and auto loans have been removed until December 31, 2021, according to the lender.