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Bank of Baroda makes car loan cheaper, will now charge 7 percent interest

Mumbai, May 2 (PTI) State-owned Bank of Baroda (BOB) has reduced the interest rate on car loans by 0.25 per cent to 7 per cent. Till now the bank used to give car loans at an interest of 7.25 per cent per annum.

The bank said in a statement on Monday that apart from the interest rate cut, it has also reduced the loan processing fee to Rs 1,500 (inclusive of GST) for a limited period till June 30, 2022.

The bank said that the benefit of this interest rate and concessional processing fee will be available only on the purchase of a new car. This interest rate will be linked to the ‘credit profile’ of the customer.

HT Solanki, general manager (mortgage and other retail assets) of the bank, said, “With the reduction in interest rate and processing charges on car loans, it will now be more affordable for customers to buy a vehicle of their choice.”

However, there has been no change in the interest rates on loans for used cars and two-wheelers.

Last month, Bank of Baroda also reduced the interest rate on home loans to 6.50 per cent from 6.75 per cent.

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