BoB Slashes Car Loan Rates by 30 Bps to 7.6%, Offers Zero Prepayment Charges

• Bank of Baroda (BoB) reduced car loan interest rates by 30 basis points, effective immediately.
• The floating rate for car loans now starts from 7.6 percent per annum.
• BoB also offers a fixed rate starting at 8.5 percent per annum.
• New rate of 7.6% is for new car purchases and linked to the borrower's credit profile.
• Borrowers get zero prepayment/part-payment charges on floating rate car loans and extended repayment up to 84 months.