Bank of Baroda declared a reduction in Baroda Repo Linked Lending Rate (BRLLR) from 7% to the 6.85 per cent.
This rate cut will start from 1st November 2020. With the cut in external benchmark repo linked rate, all the retail loans of the bank will get accordingly adjusted.
The customers taking a car loan, mortgage loan, home loan, education loan, personal loan and all the other retail loan products could get this benefit.
Amid this the festive season, the bank had announced a concession in the interest rates on home loans and car loans. Now with the changing of BRLLR, home loan rates start at 6.85%, and the car loan will start at 7.1%, the mortgage loan will start at 8.05% and the education loan rates at 6.85%.
When the reduction in BRLLR was announced, 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.”