Bank Of Baroda Reduced Interest Rates On Home Loans By 40 Bps To 8.5 Percent Cut Down MSME Loan Rate | Bank Of Baroda: Bank of Baroda has made home loans and MSME loans cheap, how much cheaper will the loan be?

Bank of Baroda Loan Rate Reduced: One of the big government banks has given a gift to its customers before Holi and has given the gift of cheap loans. Bank of Baroda has cut its home loan interest rates yesterday and has made home loans cheaper. On Sunday, Bank of Baroda has reduced the home loan interest by 0.40 per cent to 8.5 per cent and this has come into effect from yesterday itself. Along with this, the bank also reduced the interest rates on MSME loans. The bank will start charging interest at the rate of 8.4 per cent on MSME loans.

How long is the chance to take a cheap loan

Bank of Baroda (BoB) said in a statement that both the changes in interest rates will be effective from March 5, 2023 to March 31, 2023 only. That is, if the customers want to take advantage of these cheap loan rates, then they will have to take the loan this month itself. Although the bank has claimed that these are the lowest and most competitive interest rates in the industry.

Bank of Baroda is also giving full exemption in processing fees

Apart from this, Bank of Baroda is giving full waiver of processing fee on home loans while it is giving 50% waiver on processing fee for MSME loans.

What does the bank have to say on the offer of cheap loans

The bank has said in its statement that its new home loan rates, which have been implemented at the rate of 8.5 per cent, are only for those who are applying for new loans. Apart from this, these cheap loans can also be taken under balance transfer and improvement loan. The bank has told that these rates will be linked to the credit score of the borrower. Bank’s Executive Director Ajay K Khurana has said that “In the current environment where interest rates are increasing continuously, Bank of Baroda has given customers an opportunity to take cheap loans by reducing rates. Apart from this, MSME loans for budding entrepreneurs have been made cheap through which they can finance their economic ambitions.”

Take loan from digital app and website

To take Bank of Baroda loan, customers can take loan through its digital means like mobile app and website. Apart from this, applicants can also apply for cheap loans by visiting the bank branches themselves.

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