Bank Of Baroda Car Loan: Bank of Baroda has reduced the interest rates of car loans by 0.25 percent. From now on you will have to pay interest at the rate of 7 per cent.
Bank Of Baroda Car Loan: Public sector Bank of Baroda (BOB) has reduced the interest rate on car loans by 0.25 percent to 7 percent. Till now the bank used to give car loan at 7.25 per cent per annum interest. According to a statement issued by the bank, apart from the interest rate cut, it has also reduced the loan processing fee to Rs 1,500 (plus GST) for a limited period till June 30, 2022.
Will get offer on new car
BOB said that the benefit of this interest rate and concessional processing fee will be available only on buying a new car. This interest rate will be linked to the ‘credit profile’ of the customer. The bank’s GM (mortgage and other retail assets) HT Solanki said, “With the reduction in interest rates and processing fees on car loans, it will now be more affordable for customers to buy a car of their choice.”
Old Rates on Used Car, Two-Wheeler
The bank says that there has been no change in the interest rates on loans of pre-owned i.e. second hand cars and two-wheelers. Last month, Bank of Baroda also reduced the interest rate on home loans from 6.75 to 6.50 percent. The bank had said that the new rate is available for customers applying for new home loans as well as balance transfers. It is available in all loan amounts and will be offered to borrowers with a CIBIL score of 771 and above.
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