Mumbai: Bank of Baroda has announced a festive season reduction in its loan rates, making car ownership and mortgage financing more affordable for customers.
The bank has revised its floating Bank of Baroda car loan interest rates, now starting from 8.15%* p.a. (earlier 8.40% p.a.), effective immediately.
With this rate cut, the bank has further extended the benefits of the Reserve Bank of India’s 100 basis points policy repo rate reduction.
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The new rate of 8.15% p.a. applies to loans for purchasing a new car and is linked to a borrower’s credit profile. The bank also continues to offer a fixed rate of interest on car loans, linked to its 6-month MCLR, starting at 8.65%* p.a.
Bank of Baroda Mortgage Loan Rate Reduction
In addition to car loans, the bank has also reduced the interest rates on its Baroda Mortgage Loan (Loan Against Property).
The revised rate now stands at 9.15% p.a., down from 9.85% p.a. Customers can unlock additional funds by leveraging their property, with reductions ranging from 55 bps to 300 bps depending on their CIBIL score.
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Bank of Baroda’s Festive Season Loan Offer
Speaking on the announcement, Sanjay Mudaliar, Executive Director, Bank of Baroda, said:
“The festive season is an auspicious time for new beginnings, with many families aspiring to own a new vehicle. We are delighted to make car ownership more accessible and affordable with our revised loan rates. Our mortgage loan offering is also now more competitive, providing customers with greater value and opportunities to raise additional funds.”
Customers can apply for a Car Loan digitally through the Baroda Digital Car Loan platform or by visiting the nearest branch.
