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


State-owned lender Bank of Baroda cut its interest rate on car loans by 25 basis points or basis points, from 7.25% per annum to 7% per annum. The processing fee has been reduced to Rs 1,500 plus GST until June 30.

A new rate and preferential processing fees are applicable for the purchase of a new car and the rate offer is linked to the borrower’s credit profile. These loans can be availed by salaried class, businessmen, professionals, corporates, NRIs and PIOs.

The interest rate on used car and two-wheeler loans remains the same. “The lower car loan interest rate in Baroda and lower processing fees will make it easier and cheaper for consumers to purchase the car of their choice,” the Managing Director of Bank of Baroda said for mortgages and other retail assets, HT Solanki, to the PTI news agency. .

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

To avail this loan, you must present a photo ID with proof of age, a signed application form with 3 passport size photos, proof of residency such as a valid passport, voter card, driver’s license, postpaid bill (gas, electricity), up-to-date passbook or bank account statement. , notarized registered rental contract, bank statement for the last 6 months.

People in the salaried class will also have to produce salary slips for the last 3 months and form 16 or income tax return in addition to the aforementioned documents.

In the case of the self-employed, the balance sheet, the profit and loss account and the calculation of income for the last 2 years are mandatory. They must also present proof of activity (Gomasta license, registration certificate, service tax registration among others) and certificate of evaluation / computer receipt, income tax challans / TDS certificate / form 26 AS for income declared in ITR.

Also Read: Banks to Hold Home Loan Rates: Rahul Mehrotra, CEO, Religare Housing Development Finance

Read also: Home loan linked to the MCLR or the repo rate? You may have to pay higher EMIs this month


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