NEW DELHI: State-owned Bank of Maharashtra (BoM) on Saturday slashed the interest rate on home and car loan by up to 20 basis points and also waived off the processing fee.

With the reduction, home loan would now be available at 8.50 per cent from existing 8.60 per cent, while car loan has been made cheaper by 20 basis points to 8.70 per cent.

The new rates are effective from August 14, BoM said in a statement.

This dual benefit of reduced interest rates and waiver of processing fees will help alleviate financial burden for its customers and support their financial journey, it said.

Earlier, the bank waived processing fees for its other retail schemes such as, education loan and gold loan under its UDAAN Campaign, it added.