Bank of Baroda (BoB) has announced a reduction in car loan interest rates, effective immediately.
The bank has lowered rates by 30 basis points, making car loans more affordable for buyers.
The floating interest rate now starts at 7.60% per annum, down from 7.90%, while the fixed interest rate begins at 8.50% per annum.
These rates are available on new car purchases and depend on the borrower’s credit profile.
Flexible and Affordable Loan Features
BoB is also offering several customer-friendly features along with the rate cut:
No prepayment or part-payment charges on floating rate loans for individual borrowers.
Interest calculated on a Daily Reducing Balance, helping reduce the overall cost of borrowing.
Flexible repayment tenure of up to 84 months, giving buyers more financial flexibility.
Loans can be applied for through BoB’s Digital Lending Platform, the bob World app, or at any Bank of Baroda branch nationwide.
Key Highlights of Bank of Baroda Car Loans
Floating rate loans starting at 7.60% p.a.
Fixed rate loans starting at 8.50% p.a.
Zero prepayment/part-payment charges on floating loans
Interest calculated daily for affordability
Repayment tenure up to 84 months
Sanjay V. Mudaliar, Executive Director of BoB, said, “This reduction makes Bank of Baroda one of the most competitive players in the market.
Our focus remains on offering affordable and accessible credit through customer-centric and digitally-enabled solutions.”