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Bank of Baroda reduces lending rate by 15 bps to 6.85%
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SME Times News Bureau | 31 Oct, 2020
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 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
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."
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