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Bank of Baroda on Thursday announced loan offers amid the festive season, under which, it has waived off home and car loan rates. 

As per the revised rates, the lender is offering waiver of @0.25% in the existing applicable rates for home and car loans. In addition to that, the bank is also offering waiver of processing fee in home loans. Now, home loan rates will start at 6.75% and car loan rates start at 7.00%.

“Customer can also look forward to speed of processing and doorstep services and can apply on “bob World"/ mobile banking or banks website for instant sanction," the lender further stated.

On the revision of home and car loan rates, H.T.Solanki, GM- Mortgages & Other retail assets, Bank of Baroda said, “ With the introduction of these retail loan offers for this festive season, we intend to bring festive cheer among our existing loyal customers and also offer new to bank customers an attractive proposition for availing home loans and car loans who will be benefited from lower rates and waiver of processing fee on offer."

Meanwhile, the country's largest lender State Bank of India also announced various festive offers for prospective home loan customers, including a credit score-linked home loans starting at 6.70 per cent, irrespective of the loan amount.

Earlier a borrower availing a home loan above 75 lakh, had to pay an interest rate of 7.15 per cent.

With the introduction of the new offer, a borrower can now avail home loan for any amount at a rate as low as 6.70 per cent, the bank said in a release.

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