Bank of Baroda Slashes Loan Rates Amid Festive Season

State-owned Bank of Baroda has reduced car and mortgage loan rates by over 0.25% to stimulate credit growth and remain competitive ahead of India's festive season. The reduction comes amidst economic expansion efforts and the banking sector's complaint of irrational lending rates by rivals.

State-run Bank of Baroda announced on Thursday a rate cut exceeding 0.25% on select car and mortgage loans, effective immediately.

The reduction is timed to promote credit growth during economic expansion efforts, while the Reserve Bank of India maintains its focus on controlling inflation.

The move, aligning with the festive season, aims to boost Bank of Baroda's competitiveness in car loans while addressing concerns over 'irrational' lending rates cited by industry rivals.

(With inputs from agencies.)