Bank of Baroda Cuts Home and Car Loan Interest Rate | Check Details Here

New Delhi: The Bank of Baroda on Monday informed that it has cut the interest rates on home and car loans for a limited period along with concession charges. The customers must note that the new rates

New Delhi: The Bank of Baroda on Monday informed that it has cut the interest rates on home and car loans for a limited period along with concession charges. The customers must note that the new rates will be applicable till 30 June, 2022. The State-owned bank has released a statement and announced a reduction in home loans to 6.50% per annum from 6.75% per annum for a limited period. For car loans, the interest rate has been cut to 7% per annum from the earlier rate of 7.25%.

In a statement, the bank further said that it has also reduced processing charges to a flat ₹1,500 (plus GST) for a limited period till June end this year.

The new interest rate beginning at 7% per annum along with the concessional processing charges are applicable for purchase of a new car. This special rate offering is linked to a borrower’s credit profile, the statement said.

Here are the new interest rates on home and car loans

• Home Loans reduced from 6.75 percent to 6.50% per annum
• For car loans, the interest rate has been cut to 7% per annum from the earlier rate of 7.25%
• Processing charges to a flat ₹1,500 (plus GST) for a limited period till June end this year

“While the pandemic and subsequent lockdown impacted the auto segment, we have since seen a steady rise in demand for car loans as the economy has opened up and people are keen to travel in their own vehicles. The drop in the Baroda Car Loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice,” a Mint report said quoting HT Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda.

He further added that to simplify the process of availing a car loan, Bank of Baroda also provides a seamless digital platform to apply for a loan, receive sanction and disbursement for its pre-approved customers.