New Delhi: Bank of Baroda has cut the interest rate for retail, private and micro, small and medium (MSME) industry loans by 0.75 percent. After this the loan interest rate has come down to 7.25 percent, which is valid from March 28.
The bank said in a statement that it has reduced its repo rate linked loan interest rate (RLLR) by 0.75 percent. Bank of Baroda (Bob) has cut its interest rate after the Reserve Bank of India recently reduced the repo rate from 5.15 per cent to 4.40 per cent. A percentage interest rate will be charged.
The bank’s chief executive Vikramaditya Singh Khichi said, “Bank of Baroda has done the job of immediately cutting the interest rates of the Reserve Bank to the customers.” We encourage our customers to come forward and take loans. Our bank assures them to meet their loan requirements in an easy manner. “According to the statement, the rate of interest on loans already in progress will be adjusted to RLLR at the time of change in interest rates after monthly intervals. Earlier, State Bank of India and Bank of India have also cut their loan interest rates.
