Mumbai: Public sector lender Bank of Maharashtra (BoM) on Sunday announced a 25-basis-point cut in interest rates on several retail loans, including home, car, education and other RLLR-linked products.

The move comes a day after the Reserve Bank of India (RBI) reduced the repo rate to 5.25 per cent in an effort to support economic growth.

With the revised rates coming into effect from Saturday, BoM said its home loans will now start at 7.10 per cent, while car loans will begin at 7.45 per cent.

The bank added that these are among the most competitive rates currently available in the banking sector.

BoM said in a statement that lowering retail loan rates reflects its commitment to offer affordable financing solutions to customers.

The bank added that making loans cheaper at a time whe

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