The public sector lender Bank of Baroda has slashed the floating interest rates on car loans by a substantial 65 basis points (bps), bringing the rate down to 8.75% from the previous 9.40%. This announcement, made on February 26, is part of a special limited period offer on Baroda Car Loans with a floating interest rate, effective from February 26, 2024, until March 31, 2024.
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“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 interest rate is applicable exclusively to the purchase of new cars and is intricately linked to the borrower's credit profile.
Additionally, the bank also offers a fixed rate of interest on Baroda Car Loans, starting at 8.85%, the bank said.
Furthermore, the bank is sweetening the deal for borrowers by offering zero prepayment charges on the floating interest rate option. Additionally, there is a concession in processing charges for 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 stated in its release.
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