Bank of Baroda cuts benchmark lending rate by 10 bps, makes loans cheaper

State-owned Bank of Baroda (BOB) on Monday cut its benchmark lending rate by 10 basis points to 6.75 per cent.

The lender’s home loan rates now start at 6.75 per cent and for cars at seven per cent after the revision in the Baroda Repo Linked Lending Rate (BRLLR). it said in a statement.

Mortgage loan rates start at 7.95 per cent and education loan rates start at 6.75 per cent.

BOB stock was trading 1.23 per cent up at Rs 78.3 per share on BSE.

The reduction in BRLLR makes loans more affordable for the customers, said Harshadkumar T.