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Bank Of Baroda Announces Rate Cut On Car Loans

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HT Bureau

GUWAHATI, May 2: Bank of Baroda (Bank) announced a reduction in its Car Loan interest rates starting from 7.00% per annum (earlier 7.25% p.a.). Additionally, the Bank announced a reduction in processing charges to flat Rs 1500 plus GST for a limited period up to June 30, 2022.

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HT Solanki, general manager – Mortgages & Other Retail Assets, Bank of Baroda said, “While the pandemic and subsequent lockdown impacted the auto segment, we have since seen a steady rise in demand for car loans as the economy has opened up and people are keen to travel in their vehicles. The drop in the Baroda Car Loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice.”

“To simplify the process of availing a car loan, Bank of Baroda also provides a seamless digital platform to apply for a loan, receive sanctions, and disbursement for its pre-approved customers. The Bank is also present on the Maruti Suzuki Smart Finance platform as well as Hyundai Motor India’s Click to Buy portal, making the entire car buying process convenient and hassle-free for car buyers,” added Solanki.

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