Bank of Baroda Loan Rates: Bank of Baroda on Thursday announced a reduction in interest rates by 0.25 percent on some of its selected vehicle and home loan products. The bank has taken this decision in view of the beginning of the festive season in the country, so that more consumers can fulfill their dreams by taking loans.
New rates on vehicle loans
According to the bank, now on purchasing a new vehicle, customers will get a loan at an initial interest rate of 8.15 percent, which was earlier 8.40 percent. This rate will be variable and will be decided according to the credit profile of the customer. Apart from this, the bank also clarified that it is also providing vehicle loan linked to six-month MCLR (Marginal Cost of Funds Based Lending Rate) at the rate of 8.65 percent.
New rates on home loans
The bank has also reduced the interest rate on loan against property from 9.85 percent to 9.15 percent. This will benefit customers more, especially those who want to take a loan for home repair, expansion or other needs. Bank of Baroda Executive Director Sanjay Mudaliar said that these reductions have made our home loan offers more competitive. Our aim is to provide affordable financial services to customers.
Will these people benefit greatly?
The bank’s executive director Sanjay Mudliar said that this decision has been taken with the aim of providing cheap loans to customers and maintaining competition in the market. Along with this, this step will also help in promoting credit growth in the country. Experts believe that this reduction in interest rates is beneficial for those who are planning to buy a house for the first time or want to transfer their existing loan from another bank. Along with this, it will also provide relief to existing customers, especially those whose loan is on floating rate.r