Bank of Baroda offers home loan at 8.35 which is lower than SBI

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Bank of Baroda (BoB) in the country will be the cheapest loan. Bank loans have an interest rate of 0.7 percent, down 8.35 percent. The State Bank of India (SBI) is offering home loans at 8.50 percent. Yet it was to give the market the cheapest home loan bank.

Savings will be so 

BoB has cut its rate by 70 basic points. Hundred basis points is 1 percentage point. Loan of Rs 50 lakh from 70 bps cut will save Rs 2496 every month directly. 30-year loan will save nearly Rs 9 lakh.

Cybill score Well, then get the new rate on loans 

Bank official said Sibyl score is tied to home loans. To receive loans at the new rates will be permitted only to those who have been fantastic Sibyl. The customers who will score 760 or above will be offered home loans at 8.35 percent the same. Bank’s existing customers will be able to move to the new rates. For this they will not give any additional charge.

Reduced from 0.55 to 0 .75 percent Similar

BoB marginal cost of the landing rate (Similar) 55-75 basis points in cuts became effective from January 7. Bank 8.35 per cent a year is too Similar. While SBI’s existing Similar 8 percent.

SEBI Registered Company In Indore

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Top News: ICICI Bank cuts lending rate by 0.7%

Joining State Bank , PNB   and several others, ICICI Bank   also cut the base lending rate by 0.70 percent making home, auto and other loans cheaper. 

Free Stock Tips: The bank has reduced marginal cost of funds based lending rate (MCLR) by 0.7 percent to 8.20 percent for 1-year tenure, ICICI Bank said in a statement. 

The reduction in interest rate will bring down interest rate on home and other loans linked to one-year MCLR by similar percentage point. 

The one-year MCLR of SBI was reduced to 8 percent from 8.90 percent yesterday. 

Banks are cutting lending rates after spurt in deposits following demonetisation of old high denomination currency notes of Rs 500/1,000. 

Besides ICICI Bank, other lenders like Kotak Mahindra Bank   , Dena Bank   , Bandhan Bank, Andhra Bank   and Oriental Bank of Commerce   also slashed MCLR. 

Yesterday, SBI, PNB and Union Bank of India had reduced MCLR rate.