Bank of Baroda Cuts Interest Rates On Home Loan & Car Loan: Details Inside

In order to celebrate the ongoing festive season, Bank of Baroda has announced interest rate concession on its home loans and auto loans. The lender is giving a concession of 0.25 percent in the prevailing applicable rates for home and auto loans. After this announcement, home loan rates will now begin at 6.75 percent, while auto loan rates will begin at 7.00 percent according to the official update of the bank via its Twitter handle. The lender has stated that "This festive season, karo #KhushiyonKaShreeGanesh as #BankofBaroda is offering a concession of 0.25% on the existing Rate of Interest. Get Home Loan at 6.75% & Car Loan at 7.00%. Offer valid till 31 Dec, 2021."

Bank of Baroda, the title holder of the 'Best Technology Bank' award among large banks at the IBA Banking Technology 2021 conference and the top bank in the MEITY digital payments ranking index FY21, recently announced the launch of its digital banking platform 'bob World', which aims to provide an all-encompassing and immersive digital banking experience spanning all of its digital banking services under one platform.
"This platform of 'bob World' is designed to offer a wide gamut of banking products and services, to be rolled out in phases, under its four key pillars of Save, Invest, Borrow, Shop," said BoB.

According to the announcement of Bank of Baroda "The app will offer a wide repertoire of over 220 services converged into one single app, covering nearly 95% of all retail banking service offerings, which can be accessed by customers, both, domestically and globally. With a 24x7 accessibility for customers, the app will allow them to Save, Invest, Borrow and Shop at ease and convenience. With an ultramodern look and feel, the app aims to provide an intuitive experience to the customers and is carefully crafted to balance the needs of the millennial users with that of the more experienced customers."

BoB has said in the statement that "'bob World' offers digital account opening in 10 minutes with instant virtual debit card issuance, online loan application with instantaneous disbursal for selected loan products, best-in-class shopping experience with exciting rewards across digital interactions and host of other benefits including curated investment products. 'bob World' has integrated e-Commerce as a major pillar of its proposition to provide the customers a wholesome and rewarding experience of banking and beyond, under one roof."

"Since the pilot launch of 'bob World' on 23.08.2021, the app is already being used by more than 50 lakhs users, of which 70% users have given the 'bob World' app a 5 star rating on Play Store/ App store," the bank further added.

"The new corporate sub-brand for digital is testimony to our commitment to serve the customers across the world, digitally and 24*7 in a seamless manner. With 'bob World', we offer all our digital offerings under one umbrella so that the customer is provided with all digital services under one roof with a consistent experience. Embedded finance is a big theme across the 'bob World' application as is the enriching loyalty program, which underlies all digital interactions with the bank," said Mr. Sanjiv Chadha, Managing Director & CEO, Bank of Baroda on the launch of 'bob World'.