The Baroda Repo Linked Lending Rate (BRLLR) has been reduced from 6.85 percent to 6.75 percent, according to the Bank of Baroda, India’s third-largest public sector bank. The rate reduction will take place on March 15, 2021. All of the bank’s retail loans will be immediately changed if the external benchmark repo-related rate was slashed. This advantage is available by Bank of Baroda to borrowers who take out a home loan, a mortgage loan, a car loan, a school loan, a personal loan, or some other retail loan product.
Home loan rates start at 6.75 percent, car loan rates start at 7%, mortgage loan rates start at 7.95 percent, and college loan rates start at 6.75 percent with this revision in BRLLR.
The PSB reported last week that the MCLR (Marginal Cost of Funds Based Lending Rate) has remained constant across all tenors. “This cutback in BRLLR makes our loans more cost-effective for our customers,” said Harshadkumar T. Solanki, GM, Mortgages and Other Retail Assets, in response to the announcement of the BRLLR reduction. We hope that our efforts to improve digital processes will allow borrowers to obtain loans quickly and easily at the lowest possible interest rates.”
Bank of Baroda is one of India’s largest banks, with 8,246 branches and 11,553 ATMs and Cash Recyclers throughout the world, all of which are operated by self-service networks.
In late-trade on Monday, the bank’s scrip on the BSE traded 0.84 percent higher at 78 apiece.