Notice to All Retail Loan Borrowers

As per RBI guidelines regarding resetting of floating rate EMI, Bank of Baroda is providing the following options to borrowers before resetting of EMI as per the revised Rate of Interest:

  • Increasing the EMI
  • Elongation of Loan Tenure*
  • A combination of Option (1) and Option (2)
  • Prepayment of the loan amount, either in part or in full
  • Switching from Floating Rate to Fixed Rate of Interest 

* Subject to eligibility as per Bank’s policy.

For more details regarding the options available to you in your loan account and to opt for the available options, we request you to contact your base Branch by 15th January, 2024.

Failing which, the Bank will act as under-

Firstly, the tenure of the loan will be increased to the extent possible as per the Bank’s extant guidelines. Thereafter, the Equated Monthly Instalment will be increased (if required) so that the loan can be closed within the revised period.

Please note that coverage under the Group Credit Life Insurance (GCLI) policy, if any, may not be available for the entire period of the loan in the event of the loan tenure getting extended.

Submit your Consent
(Borrowers can submit their consent here)

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