(Pooja Dubey, Intern Journalist) Bank of Baroda (BoB), the third-largest public sector bank, reduced the repo rate linked loan interest rate (BRLLR) from seven percent to 6.85 percent. These new rates of the bank will come into effect from November 1, 2020.
Harshad Kumar T. Solanki, the bank’s general manager (mortgage and other retail lending business), said in a statement on Saturday that it would benefit customers of housing loans, mortgage loans, car loans, education loans, personal loans, etc.
Earlier, in view of the festive season, the bank offered discounts on housing and car loans. After the reduction in BRLLR, the interest on housing loan will start from 6.85 percent and on car loan 7.10 percent, on other mortgage loans 8.05 percent and 6.85 percent on education loan.
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