Bank of Baroda slashes car loan interest rates

Bank of Baroda, on February 10, announced a reduction of 30 basis points in its car loan interest rates with immediate effect.

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The bank’s floating rate now starts from 7.60% per annum (down from 7.90% p.a.). The bank also offers fixed rate of interest on Baroda car loans, starting at 8.50% p.a., a release from the bank said.

The new rate, beginning at 7.60% p.a., is available on the purchase of a new car and is linked to a borrower’s credit profile.

In addition to a reduced ROI, the bank is also offering borrowers zero prepayment/part-payment charges on floating rate car loans for individual borrowers. Further, the interest on Baroda car loans – both fixed and floating loans – is calculated on the daily reducing balance method, making it even more affordable for borrowers. Customers can also benefit from an extended repayment tenure of up to 84 months, providing enhanced financial flexibility.

Bank of Baroda car loans can be availed through the Bank’s digital lending platform available on the Bank’s website, bob World app or by visiting any Bank of Baroda branches, it said.