Reduction in Car Loan Interest Rates Announced by Bank of Baroda Prior to Festive Season
Bank of Baroda has announced a reduction in the interest rates for its Baroda Car Loans, making car ownership more accessible and affordable for customers during the festive season.
The new fixed rate of interest for Baroda Car Loans is linked to the Bank's 6-month MCLR, offering an attractive rate of 8.65% per annum, a reduction from the previous rate of 8.40% per annum. For those preferring a floating rate, the starting interest rate is now 8.15% per annum.
It is important to note that the interest rate on Baroda Car Loans is not linked to a borrower's credit profile, unlike the Bank's mortgage loan offering, which has also seen a reduction in interest rates from 9.85% to 9.15% per annum.
Sanjay Mudaliar, the Executive Director of Bank of Baroda, stated that the festive season is an auspicious time for new beginnings and many families are looking to fulfill their aspirations of owning a new vehicle. He added that the reduced interest rates on Baroda Car Loans aim to make car ownership more affordable and accessible.
Customers applying for new car loans from Bank of Baroda during the festival season will benefit from these reduced interest rates. Applicants can apply for a Bank of Baroda Car Loan digitally through the Bank's Digital Lending Platform - Baroda Digital Car Loan, or they can visit the nearest bank branch to apply.
It is worth mentioning that this reduction in car loan interest rates is only applicable on loans for the purchase of a new car. The Bank has not made any statement about extending the reduced interest rate to used cars in this paragraph.
The Bank of Baroda's car loan offer is part of its commitment to providing competitive and customer-friendly financial solutions, making it an exciting opportunity for customers to unlock higher value for property. With these reduced interest rates, owning a new car could be more achievable than ever before.
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