State-owned Bank of Baroda (BoB) on Monday announced a 30-basis-point reduction in its car loan interest rates, effective immediately. The bank's floating rate now starts from 7.6 per cent per annum, BoB said in a statement. The bank also offers an attractive fixed rate of interest on Baroda car loans, starting at 8.5 per cent per annum. The new rate beginning at 7.6 per cent is available on the purchase of a new car and is linked to a borrower's credit profile, it said. In addition to a reduced rate of interest, the bank is also offering borrowers zero prepayment/part-payment charges on floating rate car loans for individual borrowers, it said. Further, the interest on Baroda Car Loans - both fixed and floating loans - is calculated on the daily reducing balance method, making it even more affordable for borrowers, it said. Customers can also benefit from an extended repayment tenure of up to 84 months, providing enhanced financial flexibility, it added.
Check EMIs, interest rates and processing fees across top banks
Car loan rates range 7.6% to 14.25% in August, with lowest EMIs near Rs 10,000 and some banks offering zero processing fees
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The information is on monthly installments, processing fees and rebates
Processing fees and rules of top lenders listed to help you make a decision
Borrowers with multiple loans-such as credit card, personal, and home loan-can pool them into one large loan with a lower interest rate
Processing fees and rules of top lenders listed to help you make a decision
Processing fees and rules of top lenders listed to help you make a decision
Processing fees and rules of top lenders listed to help you make a decision
Processing fees and rules of top lenders listed to help you make a decision
Processing fees and rules of top lenders listed to help you make a decision
Offers of 18 companies put together to help you make an informed decision
Processing fees and rules of top lenders listed to help you make a decision
The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum
If you are researching for a vehicle loan, here is one table you should consider
100 per cent of the on-road price, flexible EMIs, no guarantor requirement and quick processing are some of the offers lenders have unveiled this Diwali to attract new car owners
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