Bank of Baroda has announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from 6.85 per cent earlier to 6.75 per cent from March 15, 2021.
All retail loans are linked to BRLLR (External benchmark- Repo linked rate), hence, borrowers availing Home Loan, Mortgage Loan, Car Loan, Education Loan, Personal Loan or any other retail loan products can avail of this benefit.
With this revision in BRLLR, home loan rates will start at 6.75 per cent and car loan rates start at 7 per cent, mortgage loan rates will start at 7.95 per cent and education loan rates will start at 6.75 per cent. The public sector bank 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”
At the start of this month, various banks also reduced their home loan interest rates for borrowers. HDFC, for instance, reduced 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 banks have slashed their home loan interest rates to 6.70 per cent per annum.