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BANK OF BARODA CAR LOAN

ABOUT 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 a low price and average looking cars and some want to buy an expensive and beautiful car. Most people love to buy or we can say that they 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. Bank of Baroda gives car loans to borrowers who need investments to buy a new car. Salaried employees, corporates, Non-Resident Indians (NRIs), professionals, and businessmen can apply for a car loan.

Here, we talk about all the things above that are 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.

BENEFITS OF BANK OF BARODA CAR LOAN :

1. Attractive interest rate :

The minimum interest rate of Bank of Baroda car loans starts from 8.85%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and lower interest rate.

2. Fast and simple processing :

Bank of Baroda apply the processing fee for a car loan is 0.50% of the loan amount maximum Rs.10000  The process of car loan is also very easy and simple for the customers. 

3. No foreclosure and part payment charges are allowed :

Bank of Baroda not apply any foreclosure charges and prepayment penalties for a car loan 

4. Less documentation :

Bank of Baroda car loan provides less and minimal documentation for the customers. It is not required to submit so many documents for a car loan. The process of documentation is very simple and fast.

5. Fast approval :

Bank of Baroda provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the car loan either online or offline.

FEES AND CHARGES OF BANK OF BARODA CAR LOAN :

TYPE 

CHARGES

Processing Fee

0.50% of the loan amount (Maximum Rs.10000)

Foreclosure charges

No charges

Pre payment charges

No charges

DOCUMENTS REQUIRED FOR BANK OF BARODA CAR LOAN :

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

TYPE

Id Proof

Address proof

Income proof

Salaried

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, last 2 year Form 16

Self-employed

Aadhar card, pan card, passport, voter id

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

Last 6 month bank statement with profit & loss account statement of last 2 years, last 2 years ITR

ELIGIBILITY CRITERIA FOR BANK OF 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 :

ELIGIBLE

Salaried individuals, self employed, partnership firms/sole proprietorship/private limited companies

AGE

21 years at the time of loan approval to 70 years at the time of loan maturity

INCOME

For salaried employees :

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

2. Earn at least Rs 3 lakh p.a

For self employed, partnership firms/sole proprietorship/private limited companies :

1. Should be in the business of trading, manufacturing, or services

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

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

 

COMPARE OTHER BANK CAR LOAN INTEREST RATES :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER LOAN PRODUCTS OF BANK OF BARODA :

  1. Bank of Baroda Car Loan 

  2. Bank of Baroda Education Loan 

  3. Bank of Baroda Credit Card

  4. Bank of Baroda EMI Calculator 

HOW TO CALCULATE EMI OF BANK OF BARODA CAR LOAN :

You can calculate the monthly payment (EMI) yourself using the following equation

E= P. r. (1+r)n/[(1+r) n -1]

Where,

  • P represents the principal amount 

  • R is the rate of interest per month 

  • N is the tenure of loan in months

  • E represents the monthly payment or EMI

HOW TO APPLY FOR BANK OF BARODA CAR LOAN :

There are two ways to get a car loan with Bank of Baroda :

  1. Offline Method : Visit to the nearest branch of bank of baroda 

  2. Online Method :

  • 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

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. How to apply for a Bank of Baroda Car Loan ?

You can apply offline by visiting the nearest branch of Bank of Baroda or Online for a car loan. 

2. Is age must be required for Bank of Baroda Car Loan ?

Yes, age must be required for Bank of Baroda Car Loan the minimum age should be 21 years and maximum age upto 65 years.

3. What is the loan amount of the Bank of Baroda Car Loan ?

The Bank of Baroda financed the car loan upto 90% of the on road price of the car and the maximum loan amount  is Rs.1 crore

4. How much tenure is required for a Bank of Baroda Car Loan ?

The minimum tenure period is 1 years and the maximum tenure period is 7years required for a Bank of Baroda Car Loan.

5. What charges apply for a Bank of Baroda Car Loan ?

The Bank of Baroda did not apply any foreclosure and prepayment charges for a car  loan.

6. How much interest is charged by a Bank of Baroda Car Loan ?

The interest rate charged by Bank of Baroda Car Loan is 8.85%

Last Updated on : 25/Jul/2020

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) 8.85% - 0%
Processing Fees 0.50 % of loan Amount (Maximum Rs.10000)
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959