State-owned Financial institution of Baroda (BoB) on Monday introduced a 30-basis-point discount in its car loan curiosity rates, effective immediately.
The financial institution’s floating fee now begins from 7.6 per cent every year, BoB mentioned in a press release.
The financial institution additionally affords a sexy mounted fee of curiosity on Baroda car loans, beginning at 8.5 per cent every year.
The brand new fee starting at 7.6 per cent is offered on the acquisition of a brand new car and is linked to a borrower’s credit score profile, it mentioned.
As well as to a decreased fee of curiosity, the financial institution can be providing debtors zero prepayment/part-payment costs on floating fee car loans for particular person debtors, it mentioned.
Additional, the curiosity on Baroda Car Loans – each mounted and floating loans – is calculated on the each day decreasing stability methodology, making it much more inexpensive for debtors, it mentioned.
Prospects may also profit from an prolonged reimbursement tenure of up to 84 months, offering enhanced monetary flexibility, it added.
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