Bank of Baroda reduces interest on home loan, MSME loans by This much; know details

BoB home loan interest: Here comes a good news for home buyers. Bank of Baroda (BoB) said it has reduced home loan interest rates by 40 basis points (bps) to 8.50% per annum. Besides this, the bank said it has reduced interest rates on its MSME loans, which now start from 8.40% per annum.

The bank said that both the offers will be applicable till March 31, 2023. Along with reducing interest rates, the bank is also offering 100% processing fee waiver for home loans and 50% processing fee waiver for MSME loans.

credit score interest rate

Bank of Baroda said it is offering lower interest rates on new home loans, balance transfer and home improvement loans. Interestingly, the reduced interest rate is linked to the credit score of the borrower.

How to apply for BoB home loan interest

Bank of Baroda said in a statement that it has simplified the application process for home loans. Interested customers can apply for a home loan online and get approved in less than 30 minutes by logging into the BoB World Mobile Banking App or the bank’s website. Apart from this, the loan application can also be submitted in person at any Bank of Baroda office in India.

How to apply online

Customers can apply for a home loan from Bank of Baroda if they are at least 21 years old, employed, or self-employed with regular income.

Bank customers with a CIBIL score of at least 701 can now apply for a home loan through BoB by giving a missed call to 8467001111 or by dialing the toll-free number 18002584455.

The customer can also apply for the Home Loan using Mobile Banking (BOB World) or Baroda Connect Net Banking. They can also visit the nearest branch of Bank of Baroda to avail this service.

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