Bank of Baroda has announced a reduction in its car loan interest rates to starting from 8.75% per annum from 9.4% per annum previously. “This is a special limited period offer on Baroda Car Loans floating rate of interest, starting from February 26, 2024 till March 31, 2024,” the bank said in a statement.
The bank also said that it offers fixed rate of interest on Baroda Car Loans, starting at 8.85% per annum. “The new rate beginning at 8.75% is applicable on the purchase of a new car and is linked to a borrower’s credit profile. Additionally, the bank is offering borrowers zero prepayment charges on the floating rate of interest option and a concession in processing charges on both fixed and floating interest rate options,” it added.
Sanjay Mudaliar, Executive Director, Bank of Baroda said, “We are continuing to see strong demand for car ownership with passenger vehicle sales peaking in January 2024 on the back of a sustained improvement in the Indian economy, rising aspirations and consumer confidence.’
