BoB slashes car loan rates by 30 bps to 7.6%, effective immediately

State-owned Bank of Baroda (BoB) on Monday announced a 30-basis-point reduction in its car loan interest rates, effective immediately.

The bank's floating rate now starts from 7.6 per cent per annum, BoB said in a statement.

The bank also offers an attractive fixed rate of interest on Baroda car loans, starting at 8.5 per cent per annum.

The new rate beginning at 7.6 per cent is available on the purchase of a new car and is linked to a borrower's credit profile, it said.

In addition to a reduced rate of interest, the bank is also offering borrowers zero prepayment/part-payment charges on floating rate car loans for individual borrowers, it said.

Further, the interest on Baroda Car Loans - both fixed and floating loans - is calculated on the daily reducing balance method, making it even more affordable for borrowers, it said.

Customers can also benefit from an extended repayment tenure of up to 84 months, providing enhanced financial flexibility, it added.