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Bank of baroda loan rate cut: Bank of Baroda (BOB) has given great relief to its customers before the festive season starts. The bank has announced that now both its home loan and car loans have become cheap. This will have a direct impact on the loans taking and the customers who are already filling EMI.

That is, if you are thinking of buying a new house or car, then this opportunity can prove to be right for you, because the burden of EMI on your pocket will be lightened before.

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Home loan became cheaper

Bank of Baroda has cut its home loan interest rates by more than 0.25%. After this, now the home loan of BOB will be available at 8.85% interest rate.

• First interest rate: 9.15%
• Now new rate: 8.85%

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Car loan also became economical

Customers will also benefit on car loans. The bank has reduced the interest rates of car loan by more than 0.25%.

• First interest rate: 8.40%
• Now new rate: 8.15%

How much EMI will decrease? (Bank of Baroda Loan Rate Cut)

This cut of the bank will directly affect EMI. For example, if you have taken a home loan of 30 lakhs for a period of 20 years,

The first EMI was around ₹ 27,282.
Now on the implementation of the new rate, EMI will be reduced to ₹ 26,703.

That is, every month your pocket will save about ₹ 579, and in a long time this savings can reach millions of rupees.

In the festive season, where people plan to buy new houses and vehicles, this step of Bank of Baroda will give more relief to the customers. Now people can fulfill their dream without more burden due to EMI being cheap.

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