Bank of Baroda is currently offering a 0.25 per cent discount on home loans and car loans. The bank also announced a rebate on home loan processing fees. The bank's home loan interest rates start at 6.75 per cent and car loans at 7 per cent.
Bank of Baroda has announced a rebate on its home loan and car loan rates in view of the festive season. Earlier, State Bank of India (SBI) announced a reduction in interest rates on home loans.
Bank of Baroda is currently offering a 0.25 per cent discount on home loans and car loans. The bank also announced a rebate on home loan processing fees. The bank's home loan interest rates start at 6.75 per cent and car loans at 7 per cent.
Find out what the Bank said?
"Customers can also apply for a loan through the bank's website and mobile app for instant loan approval," the bank said in a statement. Door step service is also available.
The bank's general manager H. T. Solanki said, “We would like to offer a festive gift to our existing dedicated customers with this offer on retail loans in the upcoming festivals. In addition, we want to offer attractive opportunities for home and car loans to new customers joining the bank.
PNB made loans cheaper:
As the festive season approaches, Punjab National Bank (PNB) has launched the Festival Bonanza offer to increase the availability and affordability of credit to customers.
Under the festival offer, the bank will waive all service charges / processing fees and documentation charges on its retail products such as home loans, car loans, property loans, personal loans, pension loans and gold loans.
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PNB now offers attractive interest rates from 6.80% on home loans and 7.15% on car loans. The bank is also offering personal loans to the public at 8.95%, the lowest in the industry.
The bank has also announced a top-up home loan at attractive interest rates. Customers can avail attractive offers available through any PNB branch or digital channel across the country till 31st December 2021.
SBI has already cut interest rates:
Earlier, the country's largest bank, State Bank of India (SBI), had also announced a reduction in interest rates on home loans during the festive season.
This includes loans of any amount linked to a credit score, with a lower interest rate of 6.70 per cent. The bank has said that interest rates on home loans up to Rs 75 lakh will now remain the same.
Home loans up to Rs 75 lakh will be cheaper:
Earlier, borrowers had to pay 7.15 per cent interest for loans above Rs 75 lakh. With the launch of the festive offer, borrowers can now take out a home loan at an interest rate of at least 6.70 per cent for any amount.
The offer saves 45 bps, up to Rs 8 lakh on a loan of Rs 75 lakh over a period of 30 years. Also the interest rate applicable to the unpaid borrower was 15 bps higher than the salaried borrower.
But SBI has now bridged the gap between salaried and non-salaried borrowers. Business-related interest premiums are no longer charged by potential home loan borrowers. This will save non-salaried borrowers another 15 bps interest.