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Bank of India cuts interest rates on home loans, auto loans

10:20 PM Oct 18, 2021 | Agencies

Bank of India has announced a 35 basis point reduction in its home loan interest rates and a 50 basis points in vehicle loan interest rates.

According to an official statement of the bank, the new interest rate for a home loan from the Bank of India starts at 6.50 percent. Earlier, it was 6.85 percent.

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The interest rate on the vehicle loan has also been cut down from 7.35 to 6.85 percent.

This special rate will be effective from October 18 till December 31. It will be available for customers applying for fresh loans and also for those seeking transfer of loans.

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The Bank of India also shared the news on its official Twitter handle. “Now happiness will be doubled. Now celebrate the festival of happiness with Bank of India. Get BOI Star Home Loan @ 6.5% & Star Vehicle Loan @ 6.85% with Zero Processing Charges. You can give missed call on 8010968305. For home loan, type HL and send SMS to the number 7669300024. For vehicle loan, type VL and send SMS to the number 7669300024," read the tweet from the government sector bank.

The bank has also waived processing charges for both types of loans till the period of the offer to make it more attractive for customers.

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