Bank of Baroda unveils festive offers on home, car, personal and education loans — Check latest interest rates

One of India’s leading public sector banks, Bank of Baroda (BoB), has announced the launch of “BOB Ke Sang Tyohaar Ki Umang” campaign ahead of the festive season — under which loan applicants will be able to get home loans, car loans and personal loans at attractive interest rates. The bank informed that the special loan offers will run till 31 December, 2023. The bank also announced the launch of four new savings accounts which will offer account-holders a host of benefits and attractive interest rate offers on home, car, personal and education loans. The bank also stated that ahead of the of the festive season it has tied up with top electronics, travel and food brands to provide festive offers and discounts for its debit and credit cardholders. Here are the latest loan interest rates being offered by Bank of Baroda — 

Bank of Baroda Home Loans

During the festive period offer, Bank of Baroda will offer home loans starting from 8.40 per cent per annum. The bank will also waive off processing fees on the home loan. 

Bank of Baroda Car Loans

During the “BOB Ke Sang Tyohaar Ki Umang” campaign, the bank will offer car loans starting from 8.70 per cent per annum with zero processing fee. 

Bank of Baroda Education Loan

The bank said that it has introduced a special rate for education loans beginning from 8.55 per cent per annum — indicating a discount of up to 60 basis points. The other additional benefit being that students will have to offer no collateral once they secure admissions in identified premier educational institutions in the country. 

Bank of Baroda Personal Loans

Bank of Baroda will offer personal loans starting from 10.10 per cent per annum — marking a discount of up to 80 basis points, with zero processing fee and higher loan limits of up to Rs 20 lakh. 

Bank of Baroda interest rate

The bank informed that it has introduced a fixed rate of interest option in personal and car loans segment. And borrowers can now choose between fixed and floating rate of interest. 

Notably, the interest on Bank of Baroda loans are calculated on the Daily Reducing Balance method, and not on the Monthly Reducing Balance method, making it more affordable for borrowers. The bank said that it has established 112 Retail Asset Processing Centres (RAPC) in various cities for faster mortgage-based loan processing. 

Bank of Baroda's New Savings Accounts 

The Bank has also introduced a range of savings accounts, which include — 

i) BoB LITE Savings Account – a lifetime no minimum balance account; 
ii) BOBBRO Savings Account – a zero balance savings account for students between 16 to 25 years, 
iii) My Family My Bank/BOB Parivar Account – a family savings account designed to meet the needs of the entire family, 
iv) Baroda NRI PowerPack Account - for non-resident Indians.

The bank stated that it has also launched the BOB SDP (Systematic Deposit Plan), which is a recurring deposit scheme, and during the festive period campaign, these savings accounts will come with a range of offers and concessions.

Talking about the festive offers, Debadatta Chand, Managing Director & CEO, Bank of Baroda, said, "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. Bank of Baroda’s festive campaign 'BOB Ke Sang Tyohaar Ki Umang' brings together a suite of attractive offerings across savings accounts, loans, and credit and debit cards. These attractive festive offers coupled with the convenience of our digital platforms will make the festive season even more rewarding and joyous for people, thereby giving a significant boost to demand.”

Additionally, the bank informed that it has introduced exclusive offers and discounts on Bank of Baroda debit and credit cards and EMI offers this festive season.