Bank of Baroda today reduced interest rates on car loans, lowering them to 7 per cent from the earlier rate of 7.25 per cent, along with concession charges for a limited period of up to June 30, 2022.
The new rate beginning at 7 per cent per annum along with the concessional processing charges are applicable for the purchase of a new car.
In a statement, the bank further said that it has also reduced processing charges to a flat Rs 1,500 (plus GST) for a limited period till June 30, 2022.
The new interest rate beginning at 7 per cent per annum along with the concessional processing charges are applicable for purchase of a new car. This special rate offering is linked to a borrower's credit profile, the statement added.
H T Solanki, General Manager - Mortgages & Other Retail Assets, Bank of Baroda said, “While the pandemic and subsequent lockdown impacted the auto segment, we have since seen a steady rise in demand for car loans as the economy has opened up and people are keen to travel in their own vehicles. The drop in the Baroda Car Loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice.”
He further added that to simplify the process of availing a car loan, Bank of Baroda also provides a seamless digital platform to apply for a loan, receive sanction and disbursement for its pre-approved customers.