BoB cuts car loan interest rate to 8.75%

Hyderabad: Bank of Baroda (BoB), one of India’s leading public sector banks, announced a reduction in its car loan interest rates starting from 8.75 per cent per annum, which was earlier stood from 9.40 per cent per annum. This is a special limited period offer on car loans floating rate of interest till March 31, 2024. It also offers an attractive fixed rate of interest on car loans, starting at 8.85 per cent per annum.

Sanjay Mudaliar, Executive Director of the bank, said: “We are continuing to see strong demand for car ownership with sales peaking in January 2024 on the back of a sustained improvement in the Indian economy, rising aspirations and consumer confidence.