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. 

Documents

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

Eligibility 

• 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)

Here,

• 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

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