New Delhi: Bank of Baroda (BoB), the third-largest public sector lender, has reduced the interest rate (BRLLR) on repo-linked loans from 7 percent to 6.85 percent. The new rates of the bank will come into effect from November 1, 2020, i.e. tomorrow. Bank of Baroda General Manager (GM, Retail Loan Business) Harshad Kumar T. Solanki said that this will directly benefit the customers of Home Loan, Mortgage Loan, Auto Loan, Education Loan, Personal Loan. Earlier, in view of the festive season, the bank had offered discounts on home and auto loans.
The new rates will be applicable to different retail loans from November 1
After the reduction in BRLLR, the interest on home loans will start from 6.85 percent and on the car loans from 7.10 percent. On the other hand, interest rates will start from 8.05 percent on mortgage loans and 6.85 percent on education loans. Earlier, the bank had announced interest rebates on home loans and car loans in view of the festive season. Harshad Kumar T. Solanki said customers can take advantage of lower interest rates during the festive season.
Bank of Baroda has also made changes in some of the rules
Bank of Baroda had earlier fixed charges for depositing and withdrawing money in the current account, cash credit limit, and overdraft account. On the other hand, from November 1, some rules of the State Bank of India (SBI) will also be changed. If an amount of up to Rs 1 lakh is deposited in SBI’s savings account, the interest rate on it will be reduced by 0.25 percent to 3.25 percent. On the other hand, on deposits of more than Rs. 1 lakh, interest will be paid as per repo rate.
