Bank of Baroda reduced interest rate on loan

Bank of Baroda reduced interest rate on loan

New Delhi: State-owned Bank of Baroda has announced a reduction of 10 basis points in the lending rate linked to its repo rate. The bank has reduced the rates from 6.85 per cent to 6.75 per cent, which will be effective from Monday. With the revision in the Baroda Repo Linked Lending Rate (BRLLR), the lending bank is offering home loans starting at 6.75 per cent and car loans at a starting rate of 7 per cent.

The bank said in a statement that mortgage loan rates will start at 7.95 per cent and education loans are starting at 6.75 per cent.

The bank’s general manager (mortgage and other retail assets) Harshadkumar Solanki said that this reduction in BRLLR makes our loan more affordable for customers. They hope that our efforts towards digital process will help customers to take advantage of fast and comfortable loans at the most competitive interest rates.

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