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Bank of India trims interest rates on home and vehicle loans ahead of festive season; Stock jumps 3%

The Bank has waived off a one-time processing charge on both home and vehicle loans till December-end this year.

October 18, 2021 12:13 IST | India Infoline News Service
Bank of India
Ahead of the festive season, the state-owned Bank of India (BOI) has slashed its home loan interest rates by 35 basis points. While vehicle loan interest rates have been trimmed by 50 basis points.

The new interest rates have come into effect from Monday onward and will be available till December 31, 2021.

Now, BOI's minimum interest rate on home loans stands at 6.5% from the previous 6.85%. Meanwhile, the lender offers a 6.85% interest rate on vehicle loans from earlier 7.35%.

Borrowers seeking to transfer their loans are also eligible to avail of the new reduced interest rates.

Further, the Bank has waived off a one-time processing charge on both home and vehicle loans till December-end this year.

At around 12.10 pm, BOI was trading at Rs61.65 per piece up 2.9% on Sensex.

The stock has touched an intraday high and low of Rs61.90 per piece and Rs60.20 per piece respectively. 

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