Car Loan: Nowadays, everyone wants to buy things at a low price; for this, people wait for offers. These people wait for Diwali, Dussehra, etc., so that they can buy things at a low price by taking advantage of the offers. The market also waits for this opportunity, due to which people do a lot of shopping. The common man waits because during this time, things are available at a low discount. Let us tell you that on this occasion, a government bank has made a big announcement. In the festival season, interest rates are being reduced on some loans.
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Interest on the loan has decreased
Let us tell you that BOB has reduced the interest rates on some of its loans. It has reduced the interest rate on car loans and mortgage loans, i.e., loans received on mortgage of property loan etc. This decision of the bank will come into effect soon. The bank has made this reduction in addition to getting the benefit of the reduction in repo rate done earlier by the RBI.
Know what the interest rate is on a car loan
BOB has reduced the interest rate on car loans by 0.25%. If you are thinking of buying a new car, then the bank’s interest rate on a car loan starts from 8.15%. However, a CIBIL score plays a major role in determining the interest rate. The better your credit profile, the lower the interest rate. In this bank, the interest rate on a car loan used to start from 8.40% per annum when the rate was fixed.
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How much has the mortgage loan become cheaper
On the other hand, the loan has been made much cheaper by mortgaging property or valuables with the bank. A statement issued by BOB has revealed that the interest rate of this loan is becoming 9.15%. Earlier, the interest rate on a loan for property used to start from 9.85% per annum. This means that 0.75% has been reduced on this loan. This decision of the bank will benefit those people who have taken a loan for some work by mortgaging their house or shop.