State owned bank – Bank of Maharashtra has slashed down its rates by 15bps. The bank has reduced its lending rate by 0.15% making home loans and car loans cheaper. The base rate of the bank has dropped down to 10.25%.
Earlier the base rate of the bank was 10.40% p.a. The new rates will be effective from 15th December 12, 2014. Bank of Maharashtra is the first one to lower its rate after RBI Governor Raghuram Rajan asked the banks for lowering lending rates earlier this month.