Bank of Baroda (BoB) has announced a reduction in car loan interest rates, effective immediately.
The bank has lowered rates by 30 basis points, making car loans more affordable for buyers.
The floating interest rate now starts at 7.60% per annum, down from 7.90%, while fixed-rate loans begin at 8.50% per annum.
The rates depend on the borrower’s credit profile and are available for new car purchases.
Key Features of Baroda Car Loans
BoB’s car loans come with several benefits to make borrowing easier:
Floating interest rates starting at 7.60% p.a.
Fixed interest rates starting at 8.50% p.a.
No prepayment or part-payment charges on floating-rate loans for individuals
Interest calculated using the Daily Reducing Balance method, making repayments more affordable
Flexible repayment tenure of up to 84 months
Loans can be applied for digitally via the BoB website, bob World app, or at any BoB branch.
What Bank of Baroda Says
Sanjay V. Mudaliar, Executive Director of BoB, said the move reflects the bank’s focus on affordable, customer-friendly loans.
He added that this reduction makes BoB one of the most competitive lenders in the car loan market and supports the growing aspirations of car buyers across India.
