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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 ...
PNB, Allahabad Bank launch loan products linked to repo rate

PNB, Allahabad Bank launch loan products linked to repo rate

Finance
NEW DELHI: Leading state-owned lender Punjab National Bank and Allahabad Bank on Tuesday announced linking of their retail loans with the Reserve Bank's repo rate, which will make loans cheaper. Punjab National Bank launched PNB Advantage, a retail lending scheme linked with the repo rate effective Tuesday. "In the new schemes rate of interest will be 0.25 per cent less than the existing applicable rates based on MCLR. The new rates will vary from 8.25 per cent to 8.35 per cent for housing loan borrowers and 8.65 per cent for car loan borrowers," PNB said in a statement. Existing customers of the bank will also have an option to switch over to new Repo Linked Lending Rates (RLLR) with minimal charges, it said. Allahabad Bank said it has benchmarked its loans up to Rs 75 lakh with the exter...