State-run Bank of Baroda announced a 10 basis points reduction in its Baroda Repo Linked Lending Rate (BRLLR) from 6.85 per cent to 6.75 per cent. The new rates came into effect from Monday onwards.
The cut is expected to impact all categories of loans offered by the bank. As all retail loans are linked to BRLLR (external benchmark-repo linked rate), customers availing home loans, mortgage loans, car loans, education loans, personal loans and all other retail loan products can avail of this benefit.
With this revision in Baroda Repo Linked Lending Rate (BRLLR), the lender is offering home loans at a rate starting from 6.75 per cent and car loans beginning from 7 per cent.
Mortgage loan rates will start at 7.95 per cent and education loans at 6.75 per cent, the bank said in a statement.
“This reduction in BRLLR makes our loans more affordable for customers. We hope that our efforts towards the digital processes help customers avail quick and smooth loans at the most competitive interest rates, the bank’s General Manager (mortgages and other retail assets) Harshadkumar Solanki said.
Shares of the bank were trading at Rs 79.05, up by 0.19 per cent. The stock price have hit a high of Rs 79.95 and a low of Rs 76.45 so far in the day.