Bank Of India Launches Festive Offer; No Loan Processing Charges, Home Loan At Low Rates

State-owned Bank of India (BoI) under its festive offer for retail products is offering home loans at concessional interest rate with no processing charges to woo customers. The bank has waived loan processing charges and will provide home loan at concessional rates, BoI general manager Salil Kumar Swain said.

Home loan of up to Rs 30 lakh would be available at 8.35 per cent while loan above Rs 30 lakh would be linked to repo rate, he said. At the same time, the bank offering education loan at competitive rate, he added.

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The bank has also launched an SME welcome offer, he said, adding, loans between Rs 50 and Rs 5 crore would be available at concessional rate depending on value of security.

Last month, the country's largest lender State Bank of India (SBI) announced a number of offers including cheaper rates for home and auto loan borrowers, to cash in on festival fervour.

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Customers can avail cheaper loans with added benefits such as waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates spread across various categories, SBI had said.