Bank of Baroda, one of the significant government-claimed banks, has declared a decrease in home credit loan costs, likely stirring up a lot of pleasure for its clients. This move, which comes before Holi, is being viewed as a generous gift for borrowers.
From March 5, 2023 to March 31, 2023, the bank has reduced home loan interest rates by 0.40 percent, bringing them down to 8.5%. The bank has also lowered the interest rates on loans to MSMEs to 8.4%.
However, it is important to note that this chance to get cheap loans is limited in time, and interested customers must apply for loans by March itself. According to the bank, these interest rates are among the lowest and most competitive in the business. In addition, the Bank of Baroda waives processing fees entirely for home loans and fifty percent for MSME loans.
The bank has clarified that the 8.5% rate on new home loans only applies to new loan applications, including balance transfer and improvement loan applications. In addition, these rates will be connected to the FICO assessment of the borrower. Ajay K. Khurana, the executive director of the Bank of Baroda, has stated that the bank has made it possible for customers to take advantage of low interest loans at a time when interest rates are constantly rising.
He went on to say that MSME loans for new business owners have been made more affordable to help them fund their economic goals.
Applications for these loans can be submitted online through the bank’s mobile apps and websites or in person at the bank’s branches.
