The public sector lender, Bank of Baroda, has brought down its interest rates on retail loans such as home loans and car loans. But, the new, reduced rates will be applicable only till the end of September.
As part of the limited period offer, the bank is providing home loans to its customers at the bank's base rate which is 10.5 percent, for loans of all tenures. Base rate is the lowest rate of interest below which banks are not allowed to lend.
In addition to this, for the limited period offer, the bank has also slashed its interest rates on auto loans by 25 basis points. It is now providing car loans with less than 5 years tenure, at an interest rate of 11.25 percent and car loans of above 5 years tenure are being offered for 11.75 percent.
Outside the limited period offer also, the bank has cut interest rates by 25 basis points. It is providing home loans for up to Rs. 30 lakhs with a repayment period of 5 years at interest rates of 10.75 percent. For home loans with repayment periods of 5 to 15 years, it will charge interest rate of 11 percent and for home loans with repayment periods of 15 to 25 years, it will charge 11.25 percent. Earlier, it was charging 11, 11.25 and 11.75 percent for these loans.