Bank of Baroda introduces fixed rate of interest option on car loans

On Thursday, the shares of Bank Of Barodaclosed at Rs 199.30, up by 0.81% from its previous closing of Rs 197.70 on the BSE

Bank of Baroda has introduced a fixed rate of interest on Bank of Baroda Car Loans. Borrowers now have the option of choosing between fixed and floating rate of interest on Baroda Car Loans, based on their preference. The fixed rate of interest for Baroda Car Loans is pegged to the Bank’s 1-year MCLR and is applicable for purchase of a new car, including Electric Vehicles. 

The interest rate, which is linked to a borrower’s credit profile, will remain unchanged during the entire tenure of the loan. Further, the interest on Bank of Baroda car loans (both fixed and floating) is calculated on the Daily Reducing Balance method as against the more prevalent Monthly Reducing Balance method, making it more attractive for borrowers. 

Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services. 

Today, the stock opened at Rs 197.65 and has touched a high and low of Rs 202.80 and Rs 197.45 respectively.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high and low of Rs 210.80 and Rs 113.35, respectively. 

Last one week high and low of the scrip stood at Rs 202.80 and Rs 195.65 respectively. The current market cap of the company is Rs 1,03,065.25 crore. 

The promoters holding in the company stood at 63.97%, while Institutions and Non-Institutions held 28.32% and 7.70% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.
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