There has been a reduction across home loans, car loans, personal loans, mortgage, education, and personal loans. Along with that, the Bank is also waiving processing fees for car and education loans.
Along with the interest rates being at such low levels, the festive offers by banks can get borrowers a great deal.
Various banks such as the State Bank of India, Bank of Baroda, etc. have come out with their festive offers on home loans, personal loans as well as car loans. The Reserve Bank of India (RBI) had cut the repo rate for most of 2019 and early 2020, because of which the borrowing rates are quite low now.
H.T. Solanki, Head, and GM – Mortgages and Retail Assets, Bank of Baroda, says, “This is a right time to opt for a loan as interest rates are at a decade low.” Along with the interest rates being at such low levels, the festive offers by banks can get borrowers a great deal. In an exclusive interview with Priyadarshini Maji, he explains why it is the right time for borrowers to opt for a loan, and what are the offers and discounts they can pocket.
What are the initiatives that the Bank of Baroda has taken this festive season?
We have announced various retail loan offers ahead of the festive season for customers. There has been a reduction across home loans, car loans, personal loans, mortgage, education, and personal loans. Along with that, the Bank is also waiving processing fees for car and education loans. With this competitive pricing and waiver of the processing fee, the prospective customers get an extra incentive to shift their existing home loan to Bank of Baroda, and buyers of new cars can look forward to very attractive rates as well as the speed of processing. Additionally, the Bank of Baroda has also tied up with Toyota and Mahindra and Mahindra to support vehicle buyers.
With the introduction of these retail loan offers for this festive season, we intend to gift the existing loyal customers and also offer new to bank customers an attractive proposition for availing car loans or shifting their home loans who will be benefited from lower rates and waiver of processing fee on offer.
On the loan front, what additional offerings are being offered to borrowers?
Offers will be applicable for home loans and car loan products. We are offering a 0.25 per cent concession in interest rates for home loan takeover from other banks and a 0.25 per cent waiver in car loan interest rates. Apart from this, the processing fee is waived for home loan and car loan customers.
Is it the right time to opt for a loan?
This is the right time to borrow as interest rates are at a decade low. Builders are offering various discount schemes along with this some state governments as Maharashtra are offering concession in stamp duty charges.
In the car segment new cars are getting launched, festive offers on car purchases are on, along with that customers are now looking at their own car due to the pandemic situation.