For Quick Alerts
For Daily Alerts

Bank of Baroda Cuts Lending Rates

By Staff

On Monday, Bank of Baroda said that it has slashed the interest rate on loans for retail, personal and Micro, Small and Medium Enterprises (MSMEs) to 7.25 percent with effect from 28 March. Its Baroda Repo Linked Lending Rate (BRLLR) was reduced by 75 basis points with effect from 28 March 2020, it said in a statement.

Bank of Baroda Cuts Lending Rates

The BRLLR for all new floating rate loans for all personal loans and retail loans of all asset classes and floating rate loans to MSMEs shall be 7.25 percent effective from March 28, 2020, the state-owned lender said.

The deduction comes after RBI's recent rate cut wherein repo rate was lowered from 5.15 percent to 4.40 percent.

"Bank of Baroda has immediately transmitted interest rate changes announced by the Reserve Bank of India to its customers. We encourage customers to avail of the credit lines that have been opened and assure that the Bank is available at all times to meet all the credit requirements in the most convenient way," said Bank of Baroda's Executive Director Vikramaditya Singh Khichi.

For existing loans, the interest rate under the external benchmark shall be reset at monthly intervals linked to BRLLR.

There has been no change in the mark-up/base spread or strategic premium.

Story first published: Monday, March 30, 2020, 17:00 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more