Bank Of Baroda Vehicle Loan Interest Rate

Advertisements

Bank of Baroda is a leading public sector bank in India that offers a wide range of vehicle loans.

The bank’s vehicle loan interest rates are competitive and are based on the applicant’s credit score, loan amount, and loan tenure.

The bank offers a variety of vehicle loan schemes, including car loans, bike loans, and commercial vehicle loans.

What is the Bank of Baroda vehicle loan interest rate?

The Bank of Baroda vehicle loan interest rate starts at 8.70% per annum for car loans, 8.85% per annum for bike loans, and 9.25% per annum for commercial vehicle loans.

Advertisements

How to apply for a Bank of Baroda vehicle loan

To apply for a vehicle loan from Bank of Baroda, you can visit your nearest branch or apply online.

You will need to provide the bank with some basic information, such as your name, address, and contact information, as well as your income and expenses.

You will also need to provide the bank with information about the vehicle you are financing, such as the make, model, and year.

How to get a low interest rate on a Bank of Baroda vehicle loan

There are a few things you can do to increase your chances of getting a low interest rate on a Bank of Baroda vehicle loan:

  • Improve your credit score: The best way to get a low interest rate is to improve your credit score. This can be done by paying your bills on time, keeping your credit utilization ratio low, and avoiding too many hard inquiries on your credit report.
  • Shop around for the best interest rate: Don’t just settle for the first interest rate you’re offered. Get quotes from multiple lenders to compare interest rates.
  • Consider a shorter loan tenure: A shorter loan tenure will typically result in a higher interest rate, but you will pay less interest overall. If you can afford it, consider a shorter loan tenure to save money on interest.
  • Make a large down payment: A larger down payment will reduce the amount you need to borrow, which can lower your interest rate.
Advertisements

Leave a Reply

Your email address will not be published. Required fields are marked *