Bank of Baroda, one of India’s leading public sector bank, announced a 25 basis points (bps) reduction in its car loan interest rates to 7 per cent per annum from the earlier rate of 7.25 per cent.
Moreover, the bank has also reduced processing charges to a flat ₹1,500 (plus GST) for a limited period till June end this year
In a statement, the bank said, “The new rate along with the concessional processing charges are applicable for purchase of a new car.”
The new rate would be linked to a borrower’s credit profile. However, the existing rate of interest for pre-owned cars and two-wheeler loans remains unchanged.
H T Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda said, “We are witnessing a steady rise in demand for car loans as the economy has opened up. The drop in the Baroda Car Loan interest rate and reduction in processing charges will make it easier for consumers to buy a car of their choice.”
With a seamless digital platform, the bank facilitates smooth process of work. “The bank is also present on the Maruti Suzuki Smart Finance platform as well as Hyundai Motor India’s Click to Buy portal to provide hassle-free experience to car buyers,” Solanki added.
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The bank has also reduced Home Loan interest rates starting at 6.50% per annum till June end this year.
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