Bank of Baroda, India’s third largest public
sector bank, will pass on the benefits of the reduction in the repo rate of 25
basis points announced by the Reserve Bank of India in its bi-monthly monetary
policy. These benefits will be applicable on home loans, mortgage loans, car
loans, education loans, personal loans and all other retail loan products by
linking all new retail loans automatically to external benchmark rate (repo).
The retail loan offerings
from Bank of Baroda under the repo linked rate product is very simple and a
single rate is offered for all customers whether they are salaried,
self-employed or an NRI. The Bank also offers an incentive to customers to
maintain or improve their credit score to avail of the best rates.
Mr. V.S. Khichi, Executive Director,
Bank of Baroda, “We at Bank of Baroda want to pass on the reduced external
benchmark based (repo) rates in our retail loan offerings
This is the fastest transmission of rates we have seen in the retail loans
segment ever as most of the MCLR loans were on a 12 month reset period and now,
as the change in interest rates by the RBI came within 2 months, the rates for consumer
loans under the repo linked benchmark stands revised downwards by 0.25%.”
Interest rates on home and auto loans are available from
8.10% and 8.60%, respectively. The Bank has
on-going offers for home / car / education loans at waived / minimal processing fees till March 31, 2020.