Bank of Baroda cuts rates on auto loans and mortgages

Mumbai: Mumbai: Bank of Baroda has lowered its lending rates on car loans and loans against property, making borrowing cheaper ahead of the festive season.The public sector lender said floating car loan rates will now start at 8.15%, down from 8.40%.

The revised rates are linked to the borrower’s credit profile and are effective immediately.

Fixed-rate car loans, linked to the bank’s 6-month MCLR, start at 8.65%.The bank also reduced rates on its loan against property, bringing them down from 9.85% to 9.15%. Depending on the borrower’s CIBIL score, the effective reduction can range between 55 basis points and 300 basis points.“This special offer makes car ownership more affordable, while our mortgage loan is now even more competitive, enabling customers to unlock higher value from their property,” said Sanjay Mudaliar, executive director, Bank of Baroda.Customers can apply digitally through the bank’s Baroda Digital Car Loan platform or by visiting a branch.