BackBank of Baroda cuts lending rate by 10 bps to 6.75%
With the cut, home loan rates start at 6.75% and car loan rates start at 7%, mortgage loan rates start at 7.95% and education loan rates start at 6.75%last week, BoB announced that it has kept MCLR unchanged across all tenors
PremiumBank of Baroda, India's third largest public sector bank, announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from 6.85% to 6.75%. The rate cut would be effective from 15 March, 2021.
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.
With this revision in BRLLR, home loan rates start at 6.75% and car loan rates start at 7%, mortgage loan rates start at 7.95% and education loan rates start at 6.75%.
Last week, the PSB announced that it has kept the Marginal Cost of Funds Based Lending Rate (MCLR) unchanged across all tenors.
On the announcement of reduction in BRLLR, Harshadkumar T. Solanki, GM, Mortgages and Other Retail Assets said, “This reduction in BRLLR makes our loans more affordable for the customers. We hope that our efforts towards the digital processes help customers avail quick and smooth loans at the most competitive interest rates."
Bank of Baroda is one of India’s largest banks with 8,246 branches and 11,553 ATMs and Cash Recyclers supported by self-service channels across the country.
On Monday, the bank's scrip on BSE traded 0.84% higher at ₹78 apiece in late-trade.
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