The right time to choose a loan: HT Solanki, Bank of Baroda


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Car loan, car loan, holidays, home loan, home loan interest rates, HFCs, home finance companies, home loans from 6.90%, lowest home loan interest rates, LIC Housing Finance, HDFC, Bajaj Finserv, PNB Housing Finance, Tata Capital, EMI affordability, processing fees, prepayment fees, bank or baroda loan offersTogether with the interest rates that are so low, the festive offers from banks can bring in many borrowers.

Several banks such as the National Bank of India, Bank of Baroda, etc. have come up with their festive offers on home loans, personal loans and auto loans. The Reserve Bank of India (RBI) had lowered repo rates for most of 2019 and early 2020, so lending rates are now quite low.


HT Solanki, Principal, and GM – Mortgages and Retail Assets, Bank of Baroda, says, “Now is a good time to opt for a loan as interest rates have been low for ten years.” Together with the interest rates that are so low, the festive offers from banks can bring in many borrowers. In an exclusive interview with Priyadarshini Maji, he explains why it is the right time for borrowers to opt for a loan and what offers and discounts they can get.

What are the initiatives taken by the Bank of Baroda this holiday season?

Ahead of the holiday season, we announced several retail loan offers for customers. The number of home loans, car loans, personal loans, mortgage loans, education and personal loans has declined. In addition, the bank will waive processing costs for car and education loans. With this competitive pricing and processing fee exemption, potential customers have an additional incentive to transfer their existing home loan to Bank of Baroda, and new car buyers can look forward to very attractive rates and speed of processing. In addition, the Bank of Baroda is also associated with Toyota and Mahindra and Mahindra to support car buyers.

With the introduction of these retail loan offers for this holiday season, we aim to gift the existing loyal customers and also provide new bank customers with an attractive proposition for taking out auto loans or shifting their home loans that will benefit from lower rates and waiver of processing fees offered .

What additional loan offers are offered to borrowers?

Offers apply to home loans and car loan products. We offer a 0.25 percent discount on interest rates for a home loan purchase from other banks and a 0.25 percent waiver on auto loan interest rates. Apart from this, the processing fee is waived for home and auto loan customers.

Is it the right time to choose a loan?

Now is the right time to borrow as interest rates have been low for ten years. Builders are offering various discount schemes along with these few state governments as Maharashtra offers stamp duty concession.

In the automotive segment, new cars are being launched, there are festive offers on car purchases and customers are now looking at their own cars due to the pandemic situation.

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