Bank of Baroda cuts car loan rates: Check new terms
Thinking about getting a new car? Bank of Baroda just made it a bit easier by cutting its floating car loan interest rate to 7.60% per annum (down from 7.90%).
The new rates kick in right away for fresh purchases, and fixed-rate loans now start at 8.50%.
Key features of the loans
You won't get hit with prepayment or part-payment charges on floating-rate car loans for individual borrowers if you want to close your loan early, and interest is calculated daily—so you pay less overall.
You can stretch repayments up to 84 months, borrow up to 90% of the on-road price (some sources cite up to 100% and maximum loan amounts between ₹1 crore and ₹5 crore), but you'll need a CIBIL score of at least 701 (some sources state 725).
How to apply for a loan
Applications are open on the bob World app, the bank's website, or at any branch—with speedy digital approvals promised.
With this move, Bank of Baroda's floating rate now stands at 7.60%, so it's definitely worth checking out if a new ride is on your radar.