Bank of Baroda reduces lending rate by 15 bps to 6.85%. Here's who can avail benefit
With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted. The customers availing home loan, mortgage loan, car loan, education loan, personal loan and all other retail loan products could avail of this benefit.
Bank of Baroda, India's third-largest public sector bank, announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from seven per cent to 6.85 per cent.
The rate cut would be effective from November 1, 2020. With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted.
The customers availing a home loan, mortgage loan, car loan, education loan, personal loan and all other retail loan products could avail of this benefit.
Earlier, ahead of the festive season, the bank had announced a concession in interest rates on home loans and car loans. Now with the revision of BRLLR, home loan rates start at 6.85 per cent, car loan rates at 7.1 per cent, mortgage loan rates at 8.05 per cent and education loan rates at 6.85 per cent.
On the announcement of a reduction in BRLLR, Harshadkumar T. Solanki, General Manager, Mortgages and Other Retail Assets, said, "The reduction in BRLLR makes our home loan, car loan, mortgage loan, education loan, personal loan and other retail loans as attractive and customers will get benefitted from such offering during this festive season."