Mumbai: Bank of Baroda (BoB), one of India’s leading public sector banks, has announced a significant cut in its Car Loan and Mortgage Loan interest rates, effective immediately. The move comes as part of its festive season offerings, making credit more affordable for retail customers.
Lower Car Loan Rates for New Buyers
The bank has reduced its floating car loan interest rates, which will now begin from 8.15% per annum, compared to the earlier 8.40% p.a. The new rate will be applicable on loans for the purchase of new cars and is linked to the borrower’s credit profile.
The cut follows the Reserve Bank of India’s 100 basis points policy repo rate reduction, with Bank of Baroda passing on additional benefits to its customers. For those seeking fixed-rate options, Baroda Car Loans will also be available at 8.65% p.a., linked to the bank’s 6-month MCLR.
Affordable Mortgage Loan Options
Alongside car loans, the bank has also reduced its Baroda Mortgage Loan (Loan Against Property) interest rates. The revised rates now start at 9.15% p.a., down from 9.85% p.a., providing customers greater flexibility in leveraging their property assets for financial needs.
The reduced rates make mortgage loans more competitive, with customers benefiting from a potential reduction ranging from 55 basis points to 300 basis points, depending on their CIBIL score.
Festive Push for Customer Benefits
Speaking on the announcement, Sanjay Mudaliar, Executive Director, Bank of Baroda, said:
“The festive season is an auspicious time for new beginnings, with many families aspiring to own vehicles. Our special car loan rates make ownership more affordable, while our reduced mortgage loan rates help customers unlock higher property value and raise additional funds at lower costs.”
Easy Digital Access
Customers can avail of the Baroda Digital Car Loan through the bank’s online platform or visit the nearest branch for assistance. With digital lending, the application process has been made seamless, allowing faster approvals and disbursements.
About Bank of Baroda
Bank of Baroda, a leading public sector bank, serves over 150 million customers through a strong global presence spanning 17 countries. Known for its customer-centric products and innovation, the bank continues to expand digital banking solutions while delivering competitive retail, corporate, and international banking services.
