New Delhi, Aug. 31 -- Bank of Baroda has this week announced a reduction in its car loan interest rates to mark the beginning of the festive season.

According to Bank of Baroda, floating car loan interest rates now start from 8.15 per cent* per annum (earlier 8.40 per cent per annum), with immediate effect.

The rate cut is over and above the rate reduction by the Bank, post the 100 basis points cut in the policy repo rate by the Reserve Bank of India (RBI).

The new rate beginning at 8.15 per cent per annum is applicable on loans for the purchase of a new car and is linked to a borrower's credit profile, the state-owned lender said.

The Bank has also reduced interest rates on Baroda Mortgage Loan (Loan Against Property) from 9.85 per c...