Bank of Baroda, one of the major government-owned banks, has announced a reduction in home loan interest rates, much to the delight of its customers. This move comes ahead of the Holi festival and is being seen as a generous gift to borrowers. The bank has slashed home loan interest rates by 0.40 per cent, bringing it down to 8.5 per cent, effective from March 5, 2023, until March 31, 2023. Additionally, the bank has also lowered interest rates on MSME loans to 8.4 per cent.
However, it is worth noting that this opportunity to avail of cheap loans is time-bound, and interested customers must apply for loans within the month of March itself. The bank has claimed that these interest rates are the lowest and most competitive in the industry. Bank of Baroda is also providing complete exemption on processing fees for home loans and a 50% waiver on processing fees for MSME loans.
The bank has clarified that the new home loan rates at 8.5 per cent are applicable only to new loan applications, including those under balance transfer and improvement loans. Moreover, these rates will be linked to the credit score of the borrower. Bank of Baroda's Executive Director, Ajay K Khurana, has said that the bank has given customers an opportunity to take advantage of cheap loans in a time when interest rates are continuously increasing. He added that MSME loans for budding entrepreneurs have been made more affordable to help them finance their economic ambitions.
Customers looking to avail of these loans can apply through the bank's digital means, such as mobile apps and websites, or by visiting the bank branches themselves.
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