If you are a customer of Bank of Baroda, then this news is of your use. Actually, the bank has reduced the interest rates on home and car loans for a limited period. The new rates are applicable till June 30, 2022.
What is the new rate: Bank of Baroda has reduced the home loan interest rate for a limited period from 6.75 per cent per annum to 6.50 per cent per annum. Talking about car loans, the interest rate of 7.25 per cent has been reduced to 7 per cent per annum. According to the bank, the processing fee has been fixed at Rs 1,500 for a limited period till the end of June this year. Apart from this, GST is also attached.
According to HT Solanki, General Manager, Mortgage and Other Retail Assets, Bank of Baroda, since the pandemic and the subsequent lockdown affected the auto segment, we have seen a steady rise in demand for car loans.
The bank had earlier also said that the new rate is available for customers applying for new home loans as well as balance transfers. It is available in all loan amounts and will be offered to borrowers with a CIBIL score of 771 and above.