The very good news in this Diwali: Bank of Baroda is giving a huge discount on the interest rate of home, car and other loans

The very good news in this Diwali: Bank of Baroda is giving a huge discount on the interest rate of home, car and other loans

Bank of Baroda has reduced the interest rate on all loans in this Diwali. The state-owned bank has shredded interest rates on all MCLR-based loans by 5 basis points. The new interest rate will be active from November 12, 2020. As a result, cars, retail and home loans are becoming inexpensive and people can benefit from the same.

The very good news in this Diwali: Bank of Baroda is giving a huge discount on the interest rate of home, car and other loans

Earlier on November 1, Bank of Baroda has reduced the repo rate established interest rate (RLLR) by 15 basis points. As a result, it dropped from 7 per cent to 7.75 per cent. They have stabilized all the retail interest rates based on RLLR in line with the revised current interest rates. Home loans, mortgage loans, car loans, education loans, personal loans and all different types of loans are also prone to the new interest rates from November 1. Following the revision in the RLLR, the least interest rate on Bank of Baroda (BoB) mortgages has come down to 7.75 per cent. In the case of car loan, the consumer has to pay interest at the rate of only 8.1 per cent.

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