Money & Banking

Bank of Baroda slashes repo-linked lending rate by 75 bps

Our Bureau Mumbai | Updated on March 30, 2020

Bank of Baroda (BoB) has reduced its repo-linked lending rate (RLLR) by 75 basis points to 7.25 per cent effective March 28, 2020, from 8 per cent earlier.

With this cut, all new floating rate loans ― personal loans and retail loans of all asset classes, and micro, small and medium enterprises (SMEs) ― linked to RLLR will be cheaper to that extent.

The public sector bank said the downward revision in RLLR is in line with the reduction in Reserve Bank of India’s repo rate to 4.40 per cent from 5.15 per cent.

For existing loans, the interest rate under the external benchmark will be reset at monthly intervals linked to RLLR, BoB said in a statement. There has been no change in the mark-up/base spread or strategic premium, it added.

Vikramaditya Singh Khichi, Executive Director, said, “We encourage customers to avail of the credit lines that have been opened and assure that the bank is available at all times to meet all the credit requirements in the most convenient way.”

Published on March 30, 2020

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