Mumbai, Mar 6 (KNN) Bank of Baroda (BoB) on Sunday announced that it has reduced interest rates on MSME loans to 8.40 per cent per annum.

The public sector bank announced the new interest rates on home loans as it decreased the home loan interest rate by 40 basis points (bps) to 8.50 per cent.

The new interest rates came into effect from Sunday and will be valid for a limited period till March 31 2023. 

The PSU bank is also offering 100 per cent waiver on processing charges on home loans and 50 per cent processing charges waiver on MSME loans, in addition to reduced rates.

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 offer will make home purchases more affordable for home buyers in the current scenario where interest rates have risen considerably. The reduction in interest rates for the MSME sector will further support aspiring entrepreneurs and finance their growth ambitions,” Ajay K Khurana, Executive Director, Bank of Baroda.

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 the Bank’s website.   (KNN Bureau)