Bank of Baroda (BoB), a leading public sector bank in India, has lowered the home loan interest rates by 40 basis points (bps) to 8.50% per annum. Additionally, the bank has reduced the interest rates on MSME loans to 8.45% per annum. The move is expected to boost demand for lending amid the pandemic crisis. The new rates are applied with effect from 1st September 2020. BoB chief said that this effort is to ease pressure on the customers who are facing temporary income loss.
Bank of Baroda cuts home loan rates by 40 bps
Bank of Baroda (BoB) has reduced home loan interest rates to 8.50% per annum and MSME loan interest rates to 8.45% per annum, in a bid to boost lending demand.
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