New Delhi, Aug. 29 -- Bank of Baroda (Bank) announced a cut in its car loan interest rates to commemorate the commencement of festive season. Bank of Baroda's floating car loan interest rates now start from 8.15 percent per annum (against 8.40 percent per annum) with immediate effect.

The new rate beginning at 8.15 percent per annum is applicable on loans for the purchase of a new car and is linked to a borrower's credit profile.

Notably, RBI has cut repo rate by 100 basis points this calendar across three monetary policy meets. In February and April policy meets, repo rate was cut by 25 basis points each and 50 basis points in June meet. That had triggered the rate cut cycle following which most banks started cutting loans at lower rat...