Bank of Baroda cuts interest rates on home loan, auto loan by 0.25%

State-owned Bank of Baroda on Thursday rolled out a slew of festive offers for its retail borrowers. The lender is offering a waiver of 0.25 per cent in the existing applicable rates for Baroda Home Loans and Baroda Car Loans, according to a release.

The bank's home loan rates start at 6.75 per cent and car loan rates at 7 per cent. It has also waived off processing fee on home loans.

"With the introduction of these retail loan offers for this festive season, we intend to bring festive cheer among our existing loyal customers and also offer new to bank customers an attractive proposition for availing home loans and car loans," the bank's general manager (mortgages & other retail assets) H T Solanki said.

Customers can apply for home or car loans by using the lender's mobile banking application or its website for instant sanction.

Earlier in the day, State Bank of India (SBI) announced various festive offers for prospective home loan customers, including credit score-linked home loans starting at 6.70 per cent, irrespective of the loan amount.

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