Bank Of Baroda Slashes Repo-linked Lending Rate By 75 Bps
Money & Banking
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
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
Military Community Shows Financial Resilience, Growing Savings By 19% And Cutting Credit Card Balances By 23% Over Last Five Years, New USAA Bank Data Shows
USAA’s Military Financial Wellbeing Index highlights the impact of pandemic-era trends and inflation on service member... Read more
USAA Announces Scholarship For Military Spouses With Valero Alamo Bowl
San Antonio-area military spouses qualify to apply for a $7,500 scholarship. Read more
USAA Ranked #1 In Customer Satisfaction And Most Trusted On 2024 J.D. Power Individual Annuity Study
Nov 01 2024 SAN ANTONIO – USAA, a leading provider of insurance, banking, and retirement... Read more
USAA Calls For National Moment Of Veteran Connection On Veterans Day
On Nov. 11, “Connect with a Veteran” calls for all Americans to “Go Beyond Thanks” to show appreciation for thei... Read more
Two Way Street: New Survey From USAA Shows Driving Apps Help Connect Parents And Young Drivers On Importance Of Safe Driving, Leading To Safer Roads
Data Reveals 87% of App-Using Parents Feel Their Child’s Driving Improved, Citing Increased Awareness and Feedback Read more
USAA Named UTSA Athletics Official Military Appreciation Partner
Exciting new initiatives planned as part of partnership Read more