Bank Of India Waives Loan Processing Charges In Festive Offer
Customers wait in line to withdraw cash from a Bank of India branch in Zaveri Bazaar in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Bank Of India Waives Loan Processing Charges In Festive Offer

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Bank of India 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, the lender’s General Manager Salil Kumar Swain said.

Home loan of up to Rs 30 lakh would be available at 8.35 percent 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 said.

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

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

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.

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