Bank of Baroda RLLR
In accordance with the Reserve Bank of India’s rules for the use of rates for external benchmark-based lending. For all retail lending products starting with the date stated, the Bank has implemented the Baroda Repo Linked Lending Rate (BRLLR) effective from 01.10.2019.
According to the Bank of Baroda website, “For Retail Loans applicable BRLLR is 9.10% w.e.f. 09-02-2023 (Current RBI Repo Rate: 6.50% + MarkUp/Base Spread 2.60%).
Please contact your base branch for conversion of Rate of Interest from MCLR to BRLLR.”
In December, For Retail Loans applicable BRLLR was at 8.85% w.e.f. 08.12.2022 (Current RBI Repo Rate: 6.25% + MarkUp/Base Spread 2.60%).
Bank of Baroda base rate (per annum) is 9.15% per annum and Bank of Baroda BPLR for all the existing accounts is 13.45% per annum with effective from January 12, 2023.
Home Loan
Baroda home loan to non-staff members for salaried will be BRLLR – 0.25% to BRLLR + 1.35% which will range from 8.85% to 10.45%. For non-salaried BRLLR – 0.20% to BRLLR + 1.45% which will range from 8.90% to 10.55%.
Baroda home improvement loan
Baroda Home improvement loan to non-staff members for salaried will be BRLLR – 0.25% to BRLLR + 1.35% which will range from 8.85% to 10.45%. For non-salaried BRLLR – 0.20% to BRLLR + 1.45% which will range from 8.90% to 10.55%.
Note that the loan limit and the applicant’s CIBIL score both affect the interest rate. Customers who choose not to purchase credit insurance will be charged a risk premium of 0.05%.
Bank of Baroda MCLR
Bank of Baroda last revised its MCLR on loans on January 12, 2022. After the latest revision, MCLR has increased from 7.50 percent to 7.85 percent for overnight tenure. The MCLR for one month has been raised from 7.95 percent to 8.15 percent. The MCLR for three-month tenure has climbed from 8.05 percent to 8.25 percent. The MCLR for six-month tenure has risen from 8.15 percent to 8.35 percent while MCLR for one-year tenure has been hiked from 8.30 per cent to 8.5 percent, post revision.