State-owned Bank of Maharashtra has cut the interest rate on home and car loans by up to 20 basis points and also waived off the processing fee. 

With this, home loans would now be available at 8.50% from existing 8.60%. 

Car loans have been made cheaper by 20 basis points to 8.70%.

The new rates are effective from 14 August.

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, Bank of Maharashtra said.

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