Bank of Baroda Car Loan

Bank of Baroda Car Loan

As we know, buying a car is a financial commitment for quite a few years until you pay the loan. There are a lot of aspects that you need to keep in mind before you take the loan – such as the prepayment charges, processing fees, interest rates, tenure, down payment and the EMI that needs to be paid every month. You need to consider these aspects well before you take up onus of buying a car.

Bank of Baroda is the second largest bank in India that provides amazing offers on car loans. The Bank of Baroda car loans are designed specifically for each loan applicant based on the type of car, EMI, repayment options and customer type. The tenure for each loan can vary with the comfort of the loan applicant.

Key Benefits of Applying for Bank of Baroda Car Loan

• Bank of Baroda car loans offer competitive rate of interest when compared to other banks. The loan rate varies from 9.65% to 11.90% (plus service charges) based on the plan chose by the applicant. If you wish to compare the rates of other banks, you can log on to the CreditMantri website, where a consolidated interest rate sheet can be viewed.
• The maximum car loan amount that is given by Bank of Baroda is up to Rs.100.00 lakhs. This is solely approved after taking a look at the annual income of the applicant.
• Bank of Baroda car loans can be taken for a long tenure of 84 months which is 7 years.
• Bank of Baroda car loans offer up to 90% of the on-road price as finance (on-road price includes invoice price, road tax, cost of registration and insurance).
• Some other benefits are that the interest rate calculated on the daily reducing balance, there is no pre-payment penalty or foreclosure charges and no advance EMI to be paid.

Documents Required for Bank of Baroda Car Loan

Firstly, to apply for the Bank of Baroda car loan the minimum age of the borrower should be 21 years of age and the co-applicant has to be 18 years of age. The maximum age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years.

Further, the documents for Bank of Baroda car loan that need to be submitted during application are:

• Photo ID
• Age proof
• Signed and filled Bank of Baroda car loan application form
• Proof of residence
• Bank statements of the last 6 months
• Income Proof
• Income proofs required to prove eligibility for Bank of Baroda plans:

For salaried applicants:

• Salary slips of last 3 months
• Form 16 / Income Tax Returns

For self-employed applicants:

• Income Tax Returns with a computation of Income for the last 3 years
• Audited Balance Sheet and Profit & Loss Account for last 3 years

To make the document procedure easier, you can apply for the Bank of Baroda car loan through CreditMantri for seamless and trouble free processing.

Eligibility for Bank of Baroda Car Loan

• Salaried Employees
• Businessmen, professionals and farmers
• Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms
• Corporates (Partnership, private Limited, Public limited and Trust)
• NRIs/PIOs

The loan is sanctioned for new and old passenger cars, Multi Utility Vehicles (MUVs) and SUVs for private use. The loan cannot be sanctioned on commercial vehicles.

Eligibility Based on Income Criteria

Eligibility Based on Repayment Capacity

Total deductions including proposed EMI should not exceed:

Bank of Baroda Car Loan – FAQs