Bank of Baroda Car Loan

Features of Bank of Baroda Car Loan

The main features of the Bank of Baroda Car Loan are mentioned in the table below:

1. Up to 100% of the on-road price of the car may be financed.
2. The maximum amount of loan that can be availed is Rs.5 crore.
3. Calculation of interest rates is dependent on the credit score of the applicant and is done on the daily reducing balance.
4. Repayment tenure of the car loan can be up to 84 months.
5. Salaried employees, corporates, Non-Resident Indians (NRIs), professionals, and businessman can apply for a car loan.
6. Bank of Baroda will hypothecate the car that is being financed.

Benefits of the Bank of Baroda Car Loan

The main benefits of the car loan provided by Bank of Baroda are mentioned below:

1. The processing time is quick.
2. Minimal documentation.
3. No foreclosure charges.
4. Low down payment.
5. Attractive interest rates.
6. A high amount is provided as a loan.

How to Calculate EMI on Bank of Baroda Car Loan

Various factors such as the processing fee, loan tenure, rate of interest, and loan amount are considered when calculating the EMI. You can use the BankBazaar Bank of Baroda Car Loan EMI Calculator to calculate the EMI.

The process to calculate the EMI is easy and can be completed quickly.

How to Apply for a Bank of Baroda Car Loan

On Bank of Baroda website

1. Visit the official website of Bank of Baroda.
2. Click on 'Vehicle Loan', which can be found under the 'Loan' tab.
3. On the next page, click on 'Apply Now' under the 'Car Loan' section.
4. On the next page, you must enter your name, email ID, mobile number, state, city, make and model of the car, and the verification code.
5. Check on the consent box and click on 'Submit'.
6. A Bank of Baroda representative will contact you once the above step is complete.

Visiting the bank branch

You will also be able to download the application form on the Bank of Baroda website and submit it at the bank branch. The form can be downloaded on https://www.bankofbaroda.in/writereaddata/Images/pdf/Car-Personal-loan-new.pdf. All relevant details must be filled before the form is submitted.

Eligibility Criteria

The below-mentioned individuals will be able to avail a car loan from Bank of Baroda:

1. Salaried employees
2. Partnership Firm partners, Proprietorship Firm proprietors, and Private and Public Limited Company directors
3. Person of Indian Origin (POI)
4. NRIs
5. Farmers, professionals, and businessmen
6. Corporates

The car loan can be used for the purchase of new Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), and passenger cars for private use.

The eligibility criteria that must be met in order to avail a car loan from Bank of Baroda are mentioned below:

1. The minimum ages of the borrower and the co-applicant at the time of applying the loan must be 21 years and 18 years, respectively.
2. The borrower and the co-applicant cannot be more than 70 years at the time the loan ends.
3. The credit score of the applicant must be at least 725.

Documents

The documents that must be submitted by salaried employees and self-employed individuals are different. The documents that must be submitted are mentioned below:

Self-employed

1. Identity proof
2. Address proof
3. Income Tax Returns
4. Balance sheet with the profit and loss account statement

Salaried

1. Address proof
2. Identity proof
3. Form 16
4. Bank statement
5. Salary slips

You can contact the bank to check if any other documents need to be submitted.

Comparison for Car Loan Interest Rates of Top Banks

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