Bank of Baroda Cuts Home 6-5 % per annum and Car Loan 7% per annum Interest Rate Check Details Here
By Lokmat English Desk | Published: May 2, 2022 08:58 PM2022-05-02T20:58:33+5:302022-05-02T20:58:33+5:30
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Public sector Bank of Baroda (BOB) has reduced the interest rate on car loans from 0.25 per cent to seven per cent. Until now, the bank used to give car loans at an annual interest of 7.25 percent.
The bank said in a statement on Monday that apart from cutting interest rates, it has also reduced the loan processing fee for a limited period till June 30, 2022 to Rs 1,500 (excluding GST).
The bank said that the benefit of this interest rate and discounted processing fee will be available only on the purchase of a new car.
This interest rate will be linked to the customer's 'credit profile'.
HT Solanki, general manager (mortgages and other retail assets) of the bank, said, "With the reduction in interest rates and processing fees on car loans, it will be cheaper for customers to buy the vehicle of their choice."
No change has been made in interest rates on old i.e. second hand car and two wheeler loans.
Last month, Bank of Baroda had also reduced the interest rate on housing loans from 6.75 per cent to 6.50 per cent.
