New Delhi: With the festive season around the corner, Bank of Baroda has announced a welcome cut in loan interest rates. The state-owned bank has reduced car loan rates by 25 basis points to 8.15 per cent, and slashed rates on its Baroda Mortgage Loan (loan against property) by 60 basis points to 9.15 per cent. These revised rates are effective immediately.
Rate Cuts Aligned with RBI Policy Moves
This latest cut in car loan rates follows a series of reductions made after the Reserve Bank of India’s Monetary Policy Committee (MPC) lowered the repo rate by 100 basis points since February. The repo rate now stands at 5.5 per cent. (Also Read: Reduction In GST Rates Have Higher Multiple Effect On Economy, Than Cut In Income Tax: Report)
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More Value from Your Property with Lower Rates
The bank’s mortgage loan offering has become even more attractive, giving customers a chance to unlock higher value from their property. Depending on their CIBIL score, borrowers can now benefit from a significant reduction in interest rates — ranging from 55 to 300 basis points, the official added.
Easy Application and Attractive Fixed Interest Rates
Customers can easily apply for a Bank of Baroda auto loan online through the bank’s digital platform, Baroda Digital Car Loan, or by visiting the nearest branch. The bank also offers Baroda Car Loans with a competitive fixed interest rate starting at 8.65 per cent, linked to its 6-month MCLR. (Also Read: Strong Day 2 For Vikran Engineering IPO With 4x Subscription; GMP Dips To 9%)
Banks, e-commerce sites, manufacturers and brands are preparing for the upcoming festive season that would start from the Navratri. As the GST rationalisation is ahead, they are anticipating a significant surge in their business.
