Bank of Baroda slashes personal, retail loan rates by 75 bps to 7.25%

Bank of Baroda slashes personal, retail loan rates by 75 bps to 7.25%


Bank of Baroda (BoB) on Monday said in a statement that it has reduced the interest rate on loans for retail, personal and Micro, Small and Medium Enterprises (MSMEs) to 7.25 per cent with effect from March 28.

The bank has reduced its Repo Linked Lending Rate (BRLLR) by 75 basis points with effect from March 28, 2020.

The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15% to 4.40%, the bank said. For existing loans, the interest rate under the external benchmark shall be reset at monthly intervals linked to BRLLR, the bank stated.

Also, Bank of India has reduced its marginal cost of funds lending rate (MCLR) by 25 bps across tenors from one year to one month and by 15 bps for overnight tenors. SBI announced a reduction in the repo-linked lending rate (RLLR) by 75 bps on Friday.




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