BoB cuts car loan interest rates by 30 bps to 7.60%

New Delhi: Bank of Baroda (BoB) on Monday announced a 30 basis point cut in its car loan interest rates, with immediate effect, making its floating rate start at 7.60 per cent per annum, down from 7.90 per cent. The bank also offers fixed-rate car loans beginning at 8.50 per cent per annum.

The revised floating rate applies to new car purchases and is linked to the borrower’s credit profile. To further ease borrowing, the bank is offering zero prepayment or part-payment charges on floating-rate car loans for individual customers. Interest on both fixed and floating loans is calculated on a daily reducing balance basis, lowering the overall cost for borrowers.

Customers can opt for a flexible repayment tenure of up to 84 months. Sanjay V Mudaliar, Executive Director, said the rate cut underscores the bank’s focus on affordable, customer-centric and digitally enabled credit solutions. Baroda Car Loans can be availed through the bank’s digital platforms, including its website, bob World app, or at branches nationwide.