Bank of Baroda reduces interest rates

Bank of Baroda reduced its lending rates for its housing loan, car loan and traders loan under the retail product category. The bank has set itself an ambitious growth plan of achieving 60 per cent over the previous year under this product category.

The changes as mentioned below are applicable only to the new loans availed from August 1 and for the existing loans with floating rate option:

Housing finance to individual: The drop in the rate varies from 0.25 per cent under the floating rate to 0.50 per cent under fixed rate option for loan tenures of five years and above.

Car Loan: The drop in the rate is between 0.75 per cent to 1.25 for the below 3-year category years category.

The new rates for up to three years as:

Amount Metro/Urban Semi Urban/Rural
Upto Rs.5 lacs 2.0% below BPLR i.e. 8.50% 2.0% below BPLR i.e. 8.50%
Above Rs.5 lacs 2.5% below BPLR i.e. 8.00% 2.0% below BPLR i.e. 8.50%