Car Loan: If you want to buy a car or any expensive item on Diwali, then this bank has reduced the interest rate on the loan..

Not only the market and the industry, but also the common man wait for the festive season of Dussehra-Diwali. The market waits because there is a lot of shopping on this occasion. They announce various types of festival offers at this time. The common man waits because there are a lot of discounts and offers on this occasion. For this occasion, the public sector Bank of Baroda has made a big announcement. It has cut the interest rate on some of its loans even before the festive season.

The interest rate on the loan has decreased.

Bank of Baroda has reduced the interest rate on some of its loans. It has cut the interest rates on car loans and mortgage loans, i.e., loans obtained by mortgaging property or other valuables. This decision has also come into effect with immediate effect. The bank has made this reduction in addition to the benefit of the repo rate cut done earlier by the Reserve Bank.

What is the interest rate on a car loan now?

Bank of Baroda has reduced the interest rate on car loans by a quarter percent or 0.25%. If you want to buy a new car, the interest rate on a car loan from this bank starts from 8.15%. However, your CIBIL score also plays a big role in deciding the interest rate. The better your credit profile, the lower the interest rate. Earlier, the interest rate on a car loan at this bank started from 8.40% per annum.

Mortgage loans also became cheaper.

Taking a loan by mortgaging property or any valuable item at the bank has also been made cheaper now. In a statement issued by Bank of Baroda here, it was stated that the interest rate of this loan starts from 9.15%. Earlier, the interest rate of a loan on property (mortgage loan) started from 9.85% per annum. Meaning that the interest rate of this loan has been reduced by 0.70%. This will be of most benefit to those people who want to borrow money for some big work (like expanding business, children's marriage or education) by mortgaging their house or shop.

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