Bank of Baroda has reduced Baroda Repo Linked Lending Rate (BRLLR) from 6.85 percent earlier to 6.75 percent from March 15, 2021.
All retail loans are synched to BRLLR (External benchmark- Repo linked rate), therefore borrowers availing Home Loan, Mortgage Loan, Car Loan, Education Loan, Personal Loan or any other retail loan products will be able to gain the benefits of the revised repo rate.
With this revision in BRLLR, home loan rates of BoB will start at 6.75 percent and car loan rates that start at 7 percent, mortgage loan rates will begin at 7.95 percent and education loan rates at 6.75 percent. The state-owned lender says borrowers can contact their base branch for the conversion of Rate of Interest from MCLR to BRLLR.
Harshadkumar T. Solanki, GM – Mortgages and Other Retail Assets on the reduction in BRLLR says, “This reduction in BRLLR makes our loans more affordable for the customers. We hope that our efforts towards the digital processes help customers avail quick and smooth loans at the most competitive interest rates”.
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Further, earlier this month various lenders also reduced their home loan interest rates for borrowers. HDFC trimmed its Retail Prime Lending Rate (RPLR) on housing loans by 5 basis points, the State Bank of India (SBI), ICICI Bank and Kotak Mahindra Bank also reduced the interest rates on home loans , Most of these lenders slashed their home loan interest rates to 6.70 percent per annum.