After SBI, now Bank of Baroda has announced a discount on its home loan and car loan rates keeping in mind the festive season.
New Delhi. Bank of Baroda has announced a discount on its home loan and car loan rates keeping in mind the festive season. Earlier, State Bank of India (SBI) has also announced to reduce the interest rates of home loans. Bank of Baroda is offering a discount of 0.25 percent in the current rate on home loan and car loan. Apart from this, the bank has also announced exemption from processing fee of home loan. The bank’s home loan interest rate starts from 6.75 percent and car loan at 7 percent.
Know what the bank said?
The bank said in a statement, “Customers can also apply for the loan from the bank’s website and mobile app for quick approval of the loan. Also door step service is also available.
HT Solanki, General Manager, Bank said, “With these offers on Retail Loans during the upcoming festivals, we want to give a festive gift to our existing dedicated customers. Along with this, we also want to provide an attractive opportunity to the new customers joining the bank to take home and car loans.
PNB made loan cheaper
With the festive season approaching, Punjab National Bank (PNB) has launched a Festival Bonanza offer to enhance the availability and affordability of credit to the customers. Under the festive offer, the bank will waive all service charges/processing charges and documentation charges on its retail products such as Home Loan, Car Loan, Property Loan, Personal Loan, Pension Loan and Gold Loan. PNB now offers attractive interest rates starting from 6.80% on Home Loan and 7.15% on Car Loan. The bank is also offering personal loans to the public at 8.95%, which is the lowest in the industry. The bank has also announced to offer home loan top-up at an attractive rate of interest. Customers can avail the exciting offers available till December 31, 2021 through any of the PNB branches across the country or through digital channels.
SBI has already reduced interest rates
Let us tell you that earlier the country’s largest bank State Bank of India (SBI) had also announced to reduce the interest rates of home loans in view of the festive season. This includes loans of any amount linked to the credit score, on which a reduced interest rate of 6.70 percent will be offered. The bank has said that now the rate of interest on home loans up to Rs 75 lakh will remain the same.
Home loan up to Rs 75 lakh will be cheaper
Earlier, a borrower had to pay an interest rate of 7.15 percent for taking a loan of more than Rs 75 lakh. With the introduction of festive offers, a borrower can now avail a home loan for any amount at a minimum interest rate of 6.70 per cent. The offer results in savings of 45 bps, thereby saving up to Rs.8 lakh on a loan of Rs.75 lakh over a tenure of 30 years.
