In view of the festive season, Bank of Baroda has announced discounts on home loan and car loan rates. Earlier, State Bank of India (SBI) announced a reduction in interest rates on home loans. Bank of Baroda is offering 0.25 per cent discount on existing home and car loans. In addition, the bank has announced a rebate on processing fees for home loans. The bank's home loan interest rates start at 6.75 per cent and car loans at 7 per cent.
Customers can also apply for a loan through the bank's website and mobile app for instant loan approval. Doorstep service is also available, the bank said in a statement. HT Solanki, General Manager of the Bank, said, “With this offer on retail loans in the upcoming festivals, we would like to give a festive gift to our existing dedicated customers. In addition, we want to give new customers joining the bank an attractive opportunity to get a home and car loan.
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 festive offer, the bank will waive all service charges / processing fees and documentation fees on its retail products such as home loans, car loans, property loans, personal loans, pension loans and gold loans.
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.
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 percent. The bank has said that interest rates on home loans up to Rs 75 lakh will now remain the same.
Earlier, borrowers had to pay 7.15 per cent interest for loans above Rs 75 lakh. With the launch of festive offers, 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. In addition, the interest rate applicable to the unpaid borrower was 15 bps higher than that of the salaried borrower. But SBI has now bridged the gap between salaried and non-salaried borrowers. Now, business-related interest premiums are not charged by potential home loan borrowers. This will save non-salaried borrowers another 15 bps interest.