Bank of Baroda announces rate cut on car loans

Bank of Baroda (Bank), one of India’s leading public sector banks, has announced a reduction in its interest rates on car loans from 7.00%* pa (7.25%* pa previously). Additionally, the Bank announced a reduction in processing fees to a fixed Rs. 1500/- plus GST for a limited period until June 30, 2022.

The new rate starting at 7.00%* per year as well as the preferential processing fees are applicable for the purchase of a new car. This special rate offer is tied to the borrower’s credit profile.

Shri HT Solanki, Managing Director – Mortgages and Other Retail Assets, Bank of Baroda, said: “While the pandemic and subsequent lockdown have impacted the automotive segment, we have since seen a steady increase demand for car loans as the economy has opened up and people want to travel in their own vehicle. The lower Baroda car loan interest rate and reduced processing fees will make it easier and more affordable for consumers to purchase the car of their choice.

“To simplify the process of getting a car loan, Bank of Baroda also provides a seamless digital platform to apply for loan, receive sanction and disbursement for its pre-approved customers. The Bank is also present on Maruti Suzuki Smart Finance platform as well as Hyundai Motor India’s Click To Buy portal, which makes the entire car buying process convenient and hassle-free for car buyers,” said added Shri Solanki.

To apply for Bank of Baroda car loan online and get instant approval, please visit Customers can also apply through Bank of Baroda bank branches across India.

The existing interest rate for used car and two-wheeler loans remains unchanged.

Bank of Baroda also announced a reduction in mortgage interest rates from 6.50%* per annum until June 30, 2022.

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