Bank of Baroda Car Loan: Interest Rate, Eligibility, Processing Fee & Customer Care

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Bank of Baroda Car loan

Having a car is not a big deal nowadays; the real deal is that you get what you want. Most people have a car in their minds which they want to buy for their needs. Some of them can buy it and others can’t, some of them go for low prices and average looking cars and some want to buy an expensive and beautiful car. Most people love to buy or we can say have a dream to buy a certain expensive car but they can’t, the only reason is budget.  People get upset and lose hope for that car and compromise with the choice then they purchase a low budget car. 

Here, we talk about all things above is quite normal but there is a change in it, now everyone can buy their dream car with ease. You all think that “how it is possible? 

To overcome this issue Bank of Baroda came with an exciting opportunity i.e. Bank of Baroda car loan.

Features of Bank of Baroda Car Loan

  • Up to 94% of the on-road price of the car may be financed.

  • The maximum amount of loan that can be availed is Rs.1 crore.

  • The repayment time of the car loan can be up to 84 months.

  • The processing fee is 0.50% of the loan amount up to a max. Of Rs.10, 000.

  • Salaried employees, corporates, Non-Resident Indians (NRIs), professionals, and businessmen can apply for a car loan.

Documents for Bank of Baroda car loan

While applying for a car loan properly check all the documents that are mention below. Without these documents, a loan is not possible to get. 



Id Proof

Address proof

Income proof


Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, salary slip last 3 month


Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Form 16, latest ITR, 

Partnership Firms/private limited companies

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

Eligibility criteria for Bank Baroda car loan

If you are going for the car loan from Bank of Baroda must check that you come under eligibility criteria. Here below we explain in detail eligibility criteria for Salaried, self-employed, and partnership firs/sole proprietorship/private limited companies


  • Salaried Individuals

    • Aged between 21 years and 60 years

    • Employed for a minimum of 2 years with at least 1 year with the current employer

    • Earn at least Rs.3 lakh p.a.

    • Have a telephone/post-paid mobile

  • Self-Employed Individuals (Sole Proprietorship)

    • Should be in the business of trading, manufacturing, or services

    • Aged between 21 years and 65 years

    • Should have been in business for at least 2 years.

    • Have an annual income of at least Rs.3 lakh

  • Self-Employed Individuals (Partnership Firms)

    • Self-employed partners in the manufacturing, trading or services business

    • Should have a turnover of at least Rs.3 lakh p.a.

  • Self-Employed Individuals (Private Limited Companies)

    • Owners of private companies in the manufacturing, trading or services business

    • Should have a minimum annual income of Rs.3 lakh

  • Self-Employed Individuals (Public Limited Companies)

    • Directors in public limited firms in the manufacturing, trading or services business

    • Have earnings of at least Rs.3 lakh p.a. 

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Car Loan EMI calculator Formula 

Use this formula to calculate your EMI

E = R x P x    (1+R)n

                    ((1+R)n -1)


  • P stands for principal amount that you want to apply for.

  • r represent the rate of interest per month 

  • n is the time period of loan in months

  • E represents EMI

The Process to apply for Bank of Baroda car loan

There are two ways to get a car loan with Bank of Baroda i.e. online application and in-branch application

Process to apply online

  • Initially visit Bank of Baroda official website

  • At home page click on go to “Personal” section

  • Now go to on “Loan” section and then click on “Vehicle loans”

  • Select the “Car loan”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

Bank of Baroda other products 

Bank of Baroda Business loan

Bank of Baroda Car loan

Bank of Baroda credit card

Bank of Baroda EMI calculator

Last Updated on : 16/Jun/2020

Know More How To Apply ??

Know More About

Bank Of Baroda Car Loan

You're eligible for a Bank Of Baroda Car Loan if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of Baroda Car Loan Interest Rates

Updated on 25 Nov 2017

Bank Of Baroda Car Loan Details
Interest Rate (Monthly reducing balance) 8.6% - 10.35%
Processing Fees 0.50 % of loan Amount
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

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