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Key Points

Bank of Baroda has announced a special reduction in car loan interest rates just in time for the festive season. The new floating rates now begin at 8.15% per annum, making vehicle ownership more accessible to families. Additionally, the bank has slashed mortgage loan rates from 9.85% to 9.15% per annum, providing more competitive financing options. Customers can apply digitally through Baroda Digital Car Loan or visit their nearest branch to take advantage of these offers.

Key Points: Bank of Baroda Cuts Car Loan Rate to 8.15% for Festive Season

  • New floating car loan rates start from 8.15% per annum, down from 8.40%
  • Rate cut is beyond reductions following RBI's repo rate policy
  • Lower rates apply to new car purchases based on credit profile
  • Mortgage loan rates also reduced from 9.85% to 9.15% per annum
2 min read

Bank of Baroda reduces car loan interest rate ahead of festive season

Bank of Baroda reduces car loan interest rates to 8.15% p.a. and mortgage loans to 9.15% p.a. ahead of festive season, making financing more affordable.

"The festive season is an auspicious time for new beginnings with many families looking to fulfil their aspirations of owning a new vehicle. - Sanjay Mudaliar, Executive Director, Bank of Baroda"

New Delhi, August 31

Bank of Baroda has this week announced a reduction in its car loan interest rates to mark the beginning of the festive season.

According to Bank of Baroda, floating car loan interest rates now start from 8.15 per cent* per annum (earlier 8.40 per cent per annum), with immediate effect.

The rate cut is over and above the rate reduction by the Bank, post the 100 basis points cut in the policy repo rate by the Reserve Bank of India (RBI).

The new rate beginning at 8.15 per cent per annum is applicable on loans for the purchase of a new car and is linked to a borrower's credit profile, the state-owned lender said.

The Bank has also reduced interest rates on Baroda Mortgage Loan (Loan Against Property) from 9.85 per cent per annum to 9.15 per cent* per annum with immediate effect.

Sanjay Mudaliar, Executive Director, Bank of Baroda said, "The festive season is an auspicious time for new beginnings with many families looking to fulfil their aspirations of owning a new vehicle."

"Bank of Baroda is pleased to introduce a special offer on our car loan rates that makes car ownership more accessible and affordable. In addition, our mortgage loan offering is now even more competitive giving a great opportunity to unlock higher value for property and customers can raise additional funds with reduction in interest rates from 55 bps to 300 bps depending on CIBIL score."

Applicants can apply for a Bank of Baroda Car Loan digitally through the Bank's Digital Lending Platform - Baroda Digital Car Loan or by visiting the nearest bank branch.

The Bank also offers an attractive fixed rate of interest on Baroda Car Loans, linked to the Bank's 6-month MCLR, starting at 8.65 per cent* per annum.

- ANI

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Reader Comments

P
Priya S
Finally some good news! Public sector banks are stepping up their game. Hope other banks follow suit. This will definitely boost car sales during Navratri and Diwali season.
S
Sarah B
The digital application process is convenient, but I wish they were more transparent about what "linked to borrower's credit profile" actually means. Different customers might get very different rates.
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Arjun K
Mortgage loan rate cut from 9.85% to 9.15% is even bigger news! Many middle-class families can now leverage their property for better financial planning. Smart move by BoB 👏
M
Meera T
Just applied online through their digital platform. Process was smooth and got instant approval. Perfect timing before the festive rush begins! 🚗
V
Vikram M
Good initiative but wish they had reduced rates for used cars as well. Many first-time buyers opt for pre-owned vehicles. Hope they consider this segment too.

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