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Bank of Baroda to pass on RBI’s repo rate cut benefit to external benchmark linked loans

Bank of Baroda to pass on RBI’s repo rate cut benefit to external benchmark linked loans

Finance
Bank of Baroda said Monday that it will pass on the benefit of the latest 25-basis points (bps) repo rate cut announced by the Reserve Bank of India in its bi-monthly monetary policy. In a press release, it said that the benefit will be applicable on home, car, education, personal loans and all other retail loan products by linking all new retail loans automatically to external benchmark rate (repo). Under the repo-linked rate scheme, there will be a single rate offered for all customers whether they are salaried, self-employed or a non-resident Indian. The bank also offers an incentive to customers to maintain or improve their credit score to avail of the best rates. V.S. Khichi, Executive Director, Bank of Baroda said, "We at Bank of Baroda want to pass on the reduced external benchmark ...