The Bank of Baroda today slashed interest rates on car loans to 7% from the previous rate of 7.25%, along with dealership fees for a limited period of up to 30 June 2022.
The new rate starting at 7 percent per annum as well as the preferential processing fees are applicable for the purchase of a new car.
In a statement, the bank further said that it has also reduced the processing fee to a lump sum of Rs 1,500 (plus GST) for a limited period until June 30, 2022.
The new interest rate starting at 7 percent per annum as well as the preferential processing fees are applicable for the purchase of a new car. This special rate offer is tied to the borrower’s credit profile, the statement added.
HT Solanki, Managing Director – Mortgages and Other Retail Assets, Bank of Baroda, said: “While the pandemic and subsequent lockdown have impacted the automotive segment, we have since seen a steady increase in demand for car loans as the economy has opened up and people are keen to travel in their own vehicles.The lower interest rate for the Baroda car loan and reduced processing fees will allow consumers to easier and more affordable to buy the car of their choice.
He further added that to simplify the process of getting a car loan, Bank of Baroda also provides a seamless digital platform to apply for loan, receive sanction and disbursement for its pre-approved clients.