Mumbai: Bank of Baroda Car Loan Interest Rates have been reduced by 30 basis points, with the public sector bank announcing that its floating car loan rate will now start at 7.60% p.a., down from 7.90% p.a., effective immediately.
The bank also offers fixed-rate car loans starting at 8.50% p.a., according to an official media release.
Bank of Baroda Car Loan Interest Rates Revised to Enhance Affordability
The revised Bank of Baroda Car Loan Interest Rates apply to the purchase of new cars and are linked to the borrower’s credit profile.
Along with the reduction in interest rates, the bank has introduced zero prepayment and part-payment charges on floating-rate car loans for individual borrowers.
Interest on both fixed and floating Baroda Car Loans will continue to be calculated using the Daily Reducing Balance method, helping make borrowing more affordable.
Customers can also benefit from a repayment tenure of up to 84 months, providing additional financial flexibility.
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Commenting on the announcement, Sanjay V Mudaliar, Executive Director, Bank of Baroda, said: “The reduction in car loan interest rates makes Bank of Baroda one of the most competitive players in the market and reflects our continued focus on offering affordable and accessible credit to consumers.
Bank is committed to delivering customer-centric, digitally-enabled financing solutions to support the growing aspiration of car buyers across the country.”
Baroda Car Loans can be accessed through the bank’s Digital Lending Platform on its website, the bob World app, or by visiting any Bank of Baroda branch across the country.
Key Features of Baroda Car Loans (T&C apply)
- Floating interest rate car loans starting at 7.60% p.a.
- Fixed interest rate car loans starting at 8.50% p.a.
- No prepayment/part-payment charges on floating-rate loans for individuals
- Interest calculated using the Daily Reducing Balance method
- Repayment tenure up to 84 months
- Digital car loan approval in a few steps
