In an effort to bring cheer to its customers during the festive season, Bank of Baroda (BoB) has rolled out an exciting festival campaign that includes substantial reductions in loan interest rates and an array of financial benefits. Under this limited-time campaign, which is set to continue until December 31, 2023, BoB has taken significant steps to make home and car ownership more affordable for the public.
BoB, a prominent public sector bank, has made noteworthy adjustments to its lending rates as part of this festival campaign. Home loan interest rates have been reduced by 20 basis points (bps), while car loan interest rates have been lowered by up to 10 bps, providing prospective buyers with a golden opportunity to fulfill their dreams of owning a home or a car.
Additionally, as a gesture of goodwill and generosity, BoB has taken a progressive approach by slashing interest rates on education and personal loans. Education loan interest rates have been cut by 60 bps, and personal loan interest rates have seen a significant 80 bps reduction. These measures aim to ease the financial burdens of students pursuing their education and individuals in need of personal financial support.
One of the standout offers of this campaign is the complete waiver of processing fees for home and car loans. This decision is bound to be welcomed by customers, as it reduces the upfront costs associated with these loans, making them even more attractive.
BoB has recalibrated its home loan rates, which will now begin at 8.40 percent, down from the previous rate of 8.60 percent. Car loan enthusiasts will also benefit from this campaign, with floating and fixed rate car loans starting at 8.75 percent and 8.70 percent, respectively. Moreover, borrowers won’t be burdened with any processing fees when availing of these car loans.
In the realm of education loans, BoB has introduced a special rate of 8.55 percent per annum, offering a generous discount of up to 60 basis points. This exclusive rate is available to students who secure admissions in select premier educational institutions across the country. Importantly, these education loans do not require collateral, further simplifying the process for eligible students.
For those seeking personal loans, BoB has revamped its offerings. Personal loans will now begin at a competitive interest rate of 10.10 percent per annum, reflecting an impressive discount of up to 80 basis points. Additionally, customers taking advantage of these personal loans will not incur any processing fees, and loan limits have been extended to a maximum of Rs 20 lakh.
BoB’s commitment to customer convenience is evident in its introduction of a fixed rate of interest option for personal and car loans. Borrowers now have the flexibility to choose between fixed and floating interest rates, tailoring their loans to suit their financial preferences.
It is important to note that BoB calculates interest on its loans using the Daily Reducing Balance method, as opposed to the Monthly Reducing Balance method, making loan repayment more cost-effective for borrowers.
In addition to these attractive loan offers, Bank of Baroda has expanded its suite of financial products and services. The bank has introduced four new savings account variants to cater to diverse customer needs. These include the LITE Savings Account, a no-minimum-balance account designed to provide lifelong banking convenience; the BRO Savings Account, a zero-balance savings account tailored for students aged 16 to 25 years; the Parivar Account, a family savings account aimed at addressing the financial requirements of entire families; and the NRI PowerPack Account, designed specifically for Non-Resident Indians.
Moreover, BoB has introduced a recurring deposit scheme called BOB SDP (Systematic Deposit Plan), providing an effective way for customers to save and grow their wealth.
Commenting on the launch of this festival campaign, Debadatta Chand, Managing Director & CEO of Bank of Baroda, remarked, “The festive season is upon us, and we are already seeing the early signs of a spur in demand with high-frequency indicators such as car sales and credit card spends registering record highs.” BoB’s proactive measures and attractive offers are poised to make this festive season even more joyful for its valued customers.
As customers embrace the festive spirit, they can also take advantage of BoB’s festive campaign, which promises to enhance their financial well-being and facilitate their aspirations of homeownership and car ownership. With reduced interest rates, waived processing fees, and an array of financial solutions, Bank of Baroda is playing its part in making dreams come true this festive season.