Bank of Baroda, a public sector bank, has announced a reduction in home loan interest rates and MSME loan interest rates. The bank has reduced the home loan interest rates by 40 basis points, i.e., 0.40 percent, starting at the rate of 8.50 percent. However, the interest rates may differ depending on the credit score of the customers. Customers with a good credit score will get the benefit of lower rates. The reduced rates are applicable to new home loan borrowers, loan transferors, and customers taking loans for home repairs. Bank of Baroda has also simplified the process of applying for a home loan, which can now be done digitally, with benefits available in just 30 minutes.
In addition to home loans, the bank has also reduced the MSME loan interest rates starting at the rate of 8.40 percent. This low interest offer of the bank has started from 5th March itself and will be available until March 31st, 2023. The bank is offering the most competitive interest rates in the banking world. Bank of Baroda Executive Director Ajay K Khurana said that the bank is excited to reduce home loan interest rates, which will make home buying affordable for home buyers. Reducing the loan interest rates for MSMEs will also help aspiring entrepreneurs and enable them to fulfill their dreams of growth.
Apart from reducing the interest rates, Bank of Baroda has also waived off the processing charge on home loans, and customers will not have to pay any processing charge for taking a home loan until March 31st, 2023. In the case of MSME loans, the processing charge has been reduced to 50 percent. These benefits are aimed at helping customers, especially those aspiring to buy a home or grow their business, to avail the loan at reduced interest rates and lower processing charges.
It is important to note that the reduced rates and waived processing charges are applicable for a limited period only. Therefore, customers are encouraged to avail the benefits before the offer expires.
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