Bank of Baroda gains on introducing fixed rate of interest option on car loans

Bank Of Baroda is currently trading at Rs. 198.85, up by 1.15 points or 0.58% from its previous closing of Rs. 197.70 on the BSE.

bank of baroda trades higher on the bourses
Bank Of Baroda

The scrip opened at Rs. 197.65 and has touched a high and low of Rs. 202.80 and Rs. 197.45 respectively. So far 681129 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 210.80 on 10-Jul-2023 and a 52 week low of Rs. 113.35 on 01-Aug-2022.

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. 103065.25 crore.

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

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.

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