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Bank of India (BoI) on Sunday announced a 35 basis points (bps) reduction in home loan interest rate and a 50 bps reduction in vehicle loan interest rate. The new interest rates are effective from October 18, 2021 till December 31, 2021.
Following the reduction, home loan interest rates will start at 6.50 per cent against the current rate of 6.85 per cent and vehicle loan interest rates will start at 6.85 per cent against 7.35 per cent. One basis point is equal to one-hundredth of a percentage point.
This special rate, which is part of the festive offer, is available for customers applying for fresh loans and also for those seeking transfer of loans, the public sector bank said in a statement.
Processing charges have also been waived for both home and vehicle loans till December-end 2021.
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