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In a strategic move aimed at bolstering business activities during the festive months, the esteemed public sector lender, Bank of Baroda (BoB), is set to unveil a compelling offer: substantial discounts of up to 80 basis points (bps) on personal and home loans, commencing at a highly competitive rate of 8.4 percent. BoB anticipates a significant 25 percent year-on-year (Y-o-Y) upsurge in its retail loan portfolio. Headquartered in the bustling city of Mumbai, the bank has officially inaugurated its festival campaign, aptly christened 'BoB Ke Sang Tyohaar Ki Umang,' slated to remain in effect until December 31, 2023.
Debadatta Chand, BoB's accomplished Managing Director and CEO, expresses optimism, noting that they are already witnessing the early signs of heightened demand. High-frequency indicators like car sales and credit card spending have reached unprecedented levels. The retail credit domain is poised to witness robust momentum during the third quarter of 2023–24 (FY24), perfectly synchronized with the zenith of festival season purchases. This impetus is projected to endure into the fourth quarter.
As of June, BoB's retail loan portfolio had registered an impressive 24.8 percent Y-o-Y expansion, surging to a substantial Rs 1.84 trillion. Notably, the home loan segment, constituting a significant half of the retail portfolio, recorded a commendable 18.4 percent Y-o-Y growth, scaling to Rs 99,976 crore by June. The home loan portfolio is well on its way to achieving a formidable figure of Rs 1.2 trillion by the end of March 2024. Meanwhile, the automobile loans segment also demonstrated commendable growth, marking an increase of 22.1 percent and reaching a notable Rs 32,171 crore. On the other hand, personal loans experienced a staggering surge of 82.9 percent, amounting to a remarkable Rs 22,042 crore by June 2022.
BoB's offerings include the enticing Baroda Car Loans, featuring a competitive 8.7 percent per annum interest rate and the added benefit of no processing fees. The Baroda Personal Loans are another compelling choice, commencing at an attractive rate of 10.1 percent per annum. These loans come with an enticing discount of up to 80 bps, along with the added advantage of no processing fees.
Furthermore, borrowers can enjoy higher loan limits, with loans extending up to a generous Rs 20 lakh. BoB has introduced a special rate of 8.55 percent for education loans, extending a discount of up to 60 basis points. Remarkably, students admitted to select premier educational institutions in the country can avail of these loans without requiring collateral.
In conclusion, Bank of Baroda's strategic initiatives are poised to capture the essence of the festive season, bringing a wave of financial benefits to its customers. As it navigates the competitive financial landscape, BoB remains committed to enhancing customer satisfaction and fostering robust economic growth
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