Public sector lender Bank of Baroda on February 26 said that it has cut the interest rate on its car loan by 65 basis points (bps) to 8.75 percent from 9.40 percent.
“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 press release.
The new rate, Bank of Baroda said, is applicable on the purchase of a new car and is linked to a borrower’s credit profile.
Additionally, the bank also offers a fixed rate of interest on Baroda Car Loans, starting at 8.85 percent, the bank said.
The bank in the release also said that it 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.
“The interest on Bank of Baroda car loans (both fixed and floating) is calculated on the daily reducing balance method and also offers an extended repayment period of up to 84 months,” the bank said.
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