BOB Cuts Lending Rates, Union Bank Slashes Home Loan Rates

State-run Bank of Baroda (BoB) has announced a 15 basis points reduction in its repo-linked lending rate to 6.85 per cent from 7 per cent earlier, effective November 1, PTI has reported.

According to the agency the lender's retail loans- home loan, mortgage loan, car loan, education loan and personal loan are linked to its Baroda Repo Linked Lending Rate (BRLLR).

Earlier ahead of the festive season, the bank had announced concessions in interest rates on home loan and car loan.

With the current revision in BRLLR, home loan rates will start at 6.85 per cent and car loan rates at 7.10 per cent, mortgage loan rates at 8.05 per cent and education loan rates at 6.85 per cent, the bank said in a release.

Meanwhile, another public sector lender, Union Bank of India (UBI) said it has slashed its interest rate by 10 basis points for home loans above ₹30 lakh.