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Bank of Baroda, India's third largest public sector bank, on Monday reduced Baroda Repo Linked Lending Rate (BRLLR) from 6.85 per cent to 6.75 per cent, effective from March 15.

The cut is expected to impact all categories of loans offered by the bank. As all retail loans are linked to BRLLR (external benchmark-repo linked rate), customers availing home loans, mortgage loans, car loans, education loans, personal loans and all other retail loan products can avail of this benefit.

With this revision in BRLLR, home loan rates start at 6.75 per cent and car loan rates at 7 per cent, mortgage loan at 7.95 per cent and education loans at 6.75 per cent.

Harshadkumar T. Solanki, GM, Mortgages and Other Retail Assets, said: "This reduction in BRLLR makes our loans more affordable for the customers. We hope that our efforts towards the digital processes help customers avail quick and smooth loans at the most competitive interest rates."