Public Sector Bank of Baroda Increases Home Loan Interest Rate by 25 bps to 8.90% with maximum of 10.55%. BoB has also increased to BRLLR or Baroda Repo Linked Lending Rate to 9.10%. As per statement issued by the bank, the Retail Loans applicable BRLLR is 9.10% w.e.f. 09-02-2023 (Current RBI Repo Rate: 6.50% + Markup/Base Spread 2.60%). The option is also provided to borrowers for conversion of Rate of Interest from MCLR to BRLLR. MCLR for one-year tenure has also been hiked from 8.30 per cent to 8.5 percent, post revision.
Earlier, BRLLR was at 8.85% w.e.f. 08.12.2022 (Current RBI Repo Rate: 6.25% + MarkUp/Base Spread 2.60%).
Home Loan
BoB Home Loan Interest Rate to non-staff members for salaried will be BRLLR – 0.25% to BRLLR + 1.35% which will range from 8.85% to 10.45%. For non-salaried BRLLR – 0.20% to BRLLR + 1.45% which will range from 8.90% to 10.55%.
Baroda home improvement loan
Baroda Home improvement loan to non-staff members for salaried will be BRLLR – 0.25% to BRLLR + 1.35% which will range from 8.85% to 10.45%. For non-salaried BRLLR – 0.20% to BRLLR + 1.45% which will range from 8.90% to 10.55%.
Also Know – Canara Bank Increased Loan Interest Rate To 9.40% at RLLR
Bank of Baroda is also charging the extra rate of interest for Credit Insurance. Note that the loan limit and the applicant’s CIBIL score both affect the interest rate. Customers who choose not to purchase credit insurance will be charged a risk premium of 0.05%.