In order to stimulate the demand for consumer and investment credit in a slowing economy, the Bank of Baroda has decided to reduce its Benchmark Prime Lending Rate by 50 basis points to 12.75% effective February 27, 2008.

With this move, the lending rates on several retail categories of the Bank like personal, home, vehicle and education loans stand reduced and become more attractive.

This will give further relief to Bank’s retail customers, as on November 1, 2007 also the Bank had slashed home loan rates on various categories between 25 bps to 100 bps on both the fixed and floating rate categories.

Floating home loans will now become cheaper by 0.50% and the minimum rate in the segment now stands at 9.50% for loans upto Rs. 20 lacs and 9.75% for loans above Rs. 20 lacs. The maximum rate for both the brackets stands at 10.00% and 10.25%, respectively.

Advances for home improvement now stands at 10.75% only.

Car loans will also be attractively priced at 11.00% as there is no time bracket in this segment.

Education loans upto Rs. 4.00 lacs will now be available at a highly competitive rate of 11.50% and above Rs. 4.00 lacs the customers will have to pay just 13.50%.

Trader loans upto Rs. 2.00 lacs will now be available at 12.25%.

The Bank has also reduced the home loan rates under fixed interest rate category by 50 bps along with the BPLR reduction.

Sourced From: Bank of Baroda

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