bank of baroda: Bank of Baroda cuts interest rate on car loans to 7% – Times of India

MUMBAI: State-run Bank of Baroda on Monday introduced a 25 foundation factors (bps) discount in its automotive mortgage rates of interest to 7 per cent each year from 7.25 per cent earlier.
The lender additionally mentioned it has decreased processing costs to a flat Rs 1,500 plus GST for a restricted interval as much as June 30, 2022.
The brand new price and the concessional processing costs are relevant for buy of a brand new automotive. This price providing is linked to a borrower’s credit score profile, it mentioned in a launch.
“The drop within the Baroda automotive mortgage rate of interest and discount in processing costs will make it simpler and extra reasonably priced for shoppers to purchase a automotive of their alternative,” the financial institution’s Normal Supervisor (Mortgages & Different Retail Belongings) H T Solanki mentioned.
The prevailing price of curiosity for pre-owned vehicles and two-wheeler loans stays unchanged, the lender mentioned.
Final month, it had decreased rate of interest on dwelling loans to six.50 per cent each year from 6.75 per cent until June 30, 2022. The brand new dwelling mortgage charges are linked to the borrower’s credit score profile.

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