Bank of Baroda cuts car loan rates by 25 basis points, trims processing fee

State-owned lender announces reducing processing charges to a flat Rs 1,500.

Bank of Baroda cut its lending rate on loans by 25 basis points to 7.0 per cent to buy new car, seeking to push its retail loan book.

The state-owned lender’s new rate beginning at seven per cent for car loans would be linked to a borrower’s credit profile. The bank also announced a reduction in processing charges to a flat Rs 1,500 plus Good and Services Tax (GST), BOB said in a statement today.

The bank, in April, cut the lending rate for home loans by 25 basis points to 6.5 per cent till end of June 2022. This