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    Bank of Baroda launches COVID 19 loan for retail customers

    Synopsis

    The bank said that since it was a special personal loan, the interest rates on the product have been kept much lower than the prevalent rates on regular personal loan schemes. This scheme will be valid till 30th September 2020.

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    MUMBAI: State-owned lender Bank of Baroda has launched a specialised personal loan for its existing retail customers who may face liquidity crunch due to the COVID 19 pandemic. Customers can approach their existing branches to avail this personal loan up to a maximum limit Rs 5 lakhs.

    “The objective of “Baroda Personal Loan COVID 19” is to provide ease to tide over the liquidity mismatch to existing customers,” the bank said in a press note.

    The bank said that since it was a special personal loan, the interest rates on the product have been kept much lower than the prevalent rates on regular personal loan schemes. This scheme will be valid till 30th September 2020.

    The state-owned lender had recently reduced its Repo Linked Lending Rate by 75 basis points passing on the entire benefit of the RBI repo rate cut to its customers. The external benchmark based lending rate for all new personal loans and retail loans will be 7.25%.

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