BOI slashes rates on retail loans

State run Bank of India (BOI) reduced interest rates on retail loans.

A senior official informed about reduction of interest rates on retail loans by between 25 basis points and 250 basis points which would be taken into consideration from February 1.

D. Krishnamurthy, general manager of credit at the bank told that the rates on auto loans and personal loans have been cut by 250 basis points whereas the rates on home loans of up to Rs 0.2 crore have been cut by 25 basis points.

Whereas he added the revised rate for home loans up to Rs 0.2 crore is 9.75 per cent and interest rates on educational loans have also been reduced by 100 basis points.

Bank of India has not touched 13.25 percent, its prime lending rate or the rate at which it lends to its best borrowers.