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Bank of Baroda slashes car loan interest rate to 7%; details here 

Bank of Baroda slashes car loan interest rate to 7%; details here 

Bank of Baroda Car loan interest rate: New rate and concessional processing charges are applicable for purchasing a new car and rate offering is linked to a borrower's credit profile.

Processing charges have been reduced to Rs 1,500 plus GST till June 30.  Processing charges have been reduced to Rs 1,500 plus GST till June 30. 

Public lender Bank of Baroda has reduced its interest rate on car loans by 25 basis points or bps from 7.25 per cent per annum to 7 per cent per annum. Processing charges have been reduced to Rs 1,500 plus GST till June 30. 

New rate and concessional processing charges are applicable for purchasing a new car and rate offering is linked to a borrower's credit profile. These loans can be availed by salaried class, businessmen, professionals, corporates, NRIs and PIOs.  

Interest rate on pre-owned cars and two-wheeler loans remains the same. "The drop in the Baroda car loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice," Bank of Baroda General Manager for Mortgages and Other Retail Assets HT Solanki told news agency PTI.  

Users can purchase this car loan by either giving a missed on 846-700-1133 or writing an SMS in the format – AL Name to 842-200-9988.

To avail this loan, you need to present photo ID with age proof, signed application form with 3 passport size photos, residence proof like valid passport, voter ID, driving license, postpaid bill (gas, electricity), updated passbook or bank account statement, notarized registered rent agreement, bank statement of last 6 months.  

Salaried class people will have to also produce last 3 months’ salary slips and form 16 or income tax returns in addition to the aforementioned documents. 

In case of self-employed people, balance sheet, profit and loss account and computation of income for the last 2 years is mandatory. They also have to present business proof (Gomasta license, registration certificate, service tax registration among others) and IT assessment/clearance certificate, income tax challans/TDS certificate/form 26 AS for income declared in ITR. 

Also read: Banks will hold on to home loan rates: Rahul Mehrotra, CEO, Religare Housing Development Finance

Also read: Home loan linked to MCLR or repo rate? You may need to pay higher EMI this month

Published on: May 03, 2022, 12:51 PM IST
Posted by: Mehak Agarwal, May 03, 2022, 12:48 PM IST