Bank of Baroda Car Loan at fixed interest rate linked to Credit Score is available now. See details
Bank of Baroda (BoB) customers can now get car loans at a fixed interest rate linked to their credit profiles. The public sector bank today (July 25) announced the introduction of a fixed rate of interest on Bank of Baroda Car Loans. Borrowers will now have the option of choosing between fixed and floating rate of interest on Baroda Car Loans, based on their preference, the bank said in a statement.
The fixed rate of interest for Baroda Car Loans is pegged to the Bank’s 1-year MCLR and is applicable for purchase of a new car, including Electric Vehicles.
BoB said that the interest rate, which is linked to a borrower’s credit profile or credit score, will remain unchanged during the entire tenure of the loan. Further, the interest on Bank of Baroda car loans (both fixed and floating) is calculated on the Daily Reducing Balance method as against the more prevalent Monthly Reducing Balance method, making it more attractive for borrowers.
Also Read: How to manage your finances while buying a pre-owned car
“We are pleased to introduce a fixed rate of interest option on car loans, giving borrowers the flexibility to choose between a fixed and floating rate of interest. A fixed rate of interest that will remain unchanged across the duration of the loan will eliminate the impact brought about by the fluctuation in the interest rate. The addition of a Fixed ROI option makes Baroda Car Loans even more competitive and attractive,” said Harshadkumar T Solanki, General Manager – Mortgages & Other Retail Assets, Bank of Baroda.
Customers can apply and avail a Bank of Baroda Car Loan digitally by visiting the Baroda Digital Car Loan page on the Bank’s website or applying through the Bank’s mobile app – bob World or by visiting the
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