The Bank of Maharashtra has waived the processing fees on its housing and car loans schemes under its ‘Retail Bonanza-Monsoon Dhamaka’.

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The Pune-headquartered public sector bank launched the scheme, which offers a slew of benefits to its retail customers, from August 1 ahead of the festive season.

The Retail Bonanza - Monsoon Dhamaka will serve as “an icing on the cake to our customers helping them save more to enjoy the festive mood,” said AS Rajeev, managing director and CEO of the Bank of Maharashtra.

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“With pent up demand, this is a win-win situation (for the bank and its customers), and we expect more and more of our esteemed customers to avail this benefit,” Asheesh Pandey, executive director of the Bank of Maharashtra, added.

At present, the state-owned bank offers housing loans starting from 7.30 percent and car loans starting at 7.70 percent. These loans are backed by other lucrative features such as three free EMIs on regular repayment in housing loan, loan facility up to 90 percent in car and housing loans, and no charges on pre-payment, pre-closure or part payment of loans.

Apart from this, customers can also avail hassle-free gold loan up to Rs 25 lakh at 7.70 percent interest rate. For customers availing gold loan facility, no processing fee will be charged up to Rs 3 lakh.

To ensure hassle-free loan disbursal, the bank has also set up ‘Gold Loan Point’, a dedicated counter at its branches. The counter facilitates gold loans within 15 minutes.

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(Edited by : Sudarsanan Mani)