Processing fee waiver with interest rates on car loans reduced to 7.00 percent
Dehradun May 4, 2022: Bank of Baroda, one of
the leading public sector banks in India, has announced a reduction in the interest rates of its car loans starting from 7.00 per cent per annum (earlier 7.25 per cent per annum). Apart from this, the bank has announced a reduction of Rs 1500/- including uniform GST in processing fee for a limited period up to June 30, 2022.
New rate starting from 7.00 per cent per annum with waiver of processing fee of loan is available on purchase of new car. This special rate offer is linked to the credit profile of the borrower.
Speaking on the occasion, Mr. H. T. Solanki, General Manager – Mortgage & Other Retail Assets, Bank of Baroda said, “The pandemic and the subsequent lockdown severely affected the automotive sector, but the economic activity has slowed down. The demand for car loans is showing a steady increase due to the introduction of loans and the desire among people to travel in their own vehicles. With Bank of Baroda’s reduction in car loan interest rate and reduction in processing fee, it will be easier and more affordable for customers to buy their preferred car.
Mr. Solanki further added, “To ease the process of taking a car loan, Bank of Baroda is also providing a seamless digital platform for its pre-approved customers to apply for loans, obtain approvals and disbursements. The Bank’s services are available on Maruti Suzuki’s smart finance platform as well as on the Click to Buy portal of Hyundai Motor India, making the entire car buying process extremely convenient and ‘hassle-free’ for the customers.”
To apply online for Bank of Baroda Car Loan and get instant approval, please visit https://www.bankofbaroda.in/. Customers can also apply through Bank of Baroda bank branches across India.
Apart from this, Bank of Baroda has also announced a cut in the interest rates of ‘home loans’ starting from 6.50 per cent per annum and the offer is available till June 30, 2022.