Mumbai: Bank of Baroda (Bank), one of India’s leading public sector banks, announced a reduction in its Car Loan interest rates to mark the beginning of the festive season. Bank of Baroda’s floating car loan interest rates now start from 8.15%* p.a. (earlier 8.40% p.a.), with immediate effect.
The rate cut is over and above the rate reduction by the Bank post the 100 basis points cut in the policy repo rate by the Reserve Bank of India (RBI). The new rate beginning at 8.15% p.a. is applicable on loans for the purchase of a new car and is linked to a borrower’s credit profile.
The Bank has also reduced interest rates on Baroda Mortgage Loan (Loan Against Property) from 9.85% p.a. to 9.15% p.a. with immediate effect.
Commenting on the announcement, Sanjay Mudaliar, Executive Director, Bank of Baroda said, “The festive season is an auspicious time for new beginnings with many families looking to fulfil their aspirations of owning a new vehicle. Bank of Baroda is pleased to introduce a special offer on our car loan rates that makes car ownership more accessible and affordable. In addition, our mortgage loan offering is now even more competitive giving a great opportunity to unlock higher value for property and customers can raise additional funds with reduction in interest rates from 55 bps to 300 bps depending on CIBIL score.”
Applicants can apply for a Bank of Baroda Car Loan digitally through the Bank’s Digital Lending Platform – Baroda Digital Car Loanor by visiting the nearest bank branch.
The Bank also offers an attractive fixed rate of interest on Baroda Car Loans, linked to the Bank’s 6-month MCLR, starting at 8.65%* p.a.
About Bank of Baroda
Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over ~180 million through around 65,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.
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