Bank of Baroda has announced concessions in rate of interest along with 100 per cent waiver on ‘unified processing charges’ on its home and car loans, as part of its all India retail loan festival campaign. These benefits are available till November 30.
“During this period, customers can avail themselves of home loans at reduced rate of interest of 10.50 per cent per annum for loan amount up to Rs.30 lakh and 10.75 per annum for loan amount above Rs.30 lakh, irrespective of the period of repayment.
The maximum period of repayment available for home loans is 25 years,” Bank of Baroda said in a release.
The bank also said that customers could avail themselves of car loans at 11.25 per cent interest per annum for repayment up to 5 years and 11.75 per cent per annum for repayment between 5 years and 7 years.
“If a customer is an existing home loan borrower of the bank, then he may avail himself of additional concession of 0.25 percentage point on car loan, as per product scheme conditions,” the release added.
The bank has also reduced the rate of interest on personal and consumer loans by 2 percentage points, that is, from 17 per cent to 15 per cent per annum with effect from October 9.
BoI lowers term-deposit rates
Bank of India has lowered its term-deposit rates by 0.10-1.25 percentage points for select maturities with effect from Monday.
For deposits of less than Rs.15 lakh, it has lowered the interest rate to 6.5 per cent from 7 per cent for maturity between 31 days to 45 days, the bank it said in a BSE filing.
For one year to less than two years, the rate has been cut by 0.25 percentage point to 9 per cent and for 555 days maturity it has been cut by 0.10 percentage point to 9.25 per cent, it added.
For other maturities also the rates have been cut.