Bank of India cuts interest rates on home and auto loans: details inside

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Business

oi-Vipul Das

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Bank of India (BOI) yesterday announced a “BOI Festive Offer” which includes a dramatic cut in interest rates on auto and home loans. The bank announced a 35 basis point cut in mortgage interest rates and a 50 basis point cut in auto loan interest rates. The lender said via his Twitter account that he reduced the ROI by 50 basis points on the Star vehicle loan. Now available at ROI from 6.85% paEMI from Rs 1502 / – per lakh and NIL processing fee.

The bank also tweeted “Substantial reduction in the return on investment of our Star home loan!
The BOI reduces the ROI by 35 bps on the mortgage. Now available with ROI starting at 6.50% paEMI starting at Rs 632 / – per lakh and NIL processing fee. Offer valid until 12.31.2021 * T & C Apply. “

According to the bank’s announcement, the previous rates were 6.85% and 7.35% respectively and the new festive loan agreement is valid from today, from October 18, 2021 to December 31, 2021. Customers who request a new loan or a new loan transfer will be eligible for the agreement.

In order to apply for the required loan program, customers can make a missed call to 8010968305 or they can also send an SMS by typing and sending it to 7669300024 for a home loan or SMS to 7669300024 for a vehicle loan. They can also visit https://retailonline.bankofindia.co.in/lendperfect/landing and click “Apply for a Loan” to submit their loan application online.

According to the bank’s website, the interest rate for the Star / Star Smart home loan and Star Diamond home loan would be based on the CIBIL personal score. Employees, professionals, freelancers, NRIs, PIOs, HUFs and Owners. Firm, partnership companies and businesses are eligible for the BOI Star Home Loan program, while employees, professionals, independent non-resident Indians are eligible for the BOI Star Vehicle Loan strategy. Corporations, partnerships, owner companies and other business entities HUFs are excluded from the bank’s auto loan program.

Article first published: Monday, October 18, 2021, 11:47 a.m. [IST]



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