Bank of Baroda (BoB), one of India’s leading public sector banks, announced the reduction in its home loan rates by 40 bps points to 8.50 per cent per annum. Furthermore, the Bank of Baroda has reduced its MSME loan interest rates starting at 8.40 per cent. Both the offers are with effect from March 5, and are valid for a limited period till March 31, 2023. Ajay K Khurana, Executive Director, Bank of Baroda said that in addition to reducing its interest rates, Bank of Baroda is also offering 100 per cent waiver on processing charges on home loans and 50 per cent processing charges waiver on MSME loans.

Bank of Baroda has also simplified the process of applying for a home loan. Customers can digitally apply for and get approval for a home loan within 30 minutes by logging in to the BoB World mobile banking app or visiting bank’s website. Applicants can also apply for a loan by visiting any of the Bank of Baroda’s branches across India. The new home loan rate beginning at 8.50 per cent is available for borrowers applying for fresh home loans, balance transfers as well as for home improvement loans. The rate is linked to a borrowers credit score. Terms and conditions apply.