Do you want to own your dream car? If yes, then you are just a Bank of Baroda car loan away. Car loan is one of the loans offered by BOB that removes the financial obstacles and helps you buy your dream car. With this loan you can buy hatchback, sedan, SUV or MUV and from sports to luxury cars. The amount offered under this loan is Rs 1 crore at low interest rates and for a long repayment loan tenure. If you are looking at different car loans, then BOB car loan is one of the best options to consider.
|
Loan Amount |
Up to Rs 1 crore |
|
Interest Charges |
Starts at 6.55% and goes up to 7.40% per annum |
|
Processing Fees |
0.50% of loan amount plus applicable charges (subject to minimum Rs 2,500 and maximum Rs 10,000) |
|
Repayment Tenure |
Up to 7 years |
|
Prepayment |
NIL |
Here are the features that make Bank of Baroda car loan the one to count on:
BOB car loan enables the opportunity for you to easily buy the car you have your eyes on. The loan offers you financial help on different types of cars including hatchbacks, sedans and sports cars.
The lender brings you the sufficient loan amount using which you can drive your dream car. BOB auto loan comes with financing of up to 90% of the on-road price of the vehicle. You can avail up to Rs 1 crore to fund the purchase of your car.
Bank of Baroda car loan is offered at low interest rates starting from 6.55% per annum to 7.40% per annum. The car loan interest rates are impacted by several factors such as the repayment tenure, type of car, model of car etc. On top of that, your relationship with the bank also determines the BOB car loan interest rates.
The bank brings car loans with a long repayment perio. The Bank of Baroda car loan repayment tenure ranges up to 84 months.
Being eligible for a car loan is essential to get the loan sanctioned easily. You have to make sure you meet the Bank of Baroda car loan eligibility requirements, which include age limit and income, in order to prevent the rejection of your application.
Here is the BOB car loan eligibility criteria:
You have to provide certain Bank of Baroda car loan documents that are asked by the lender at the time of loan application.
Here are mentioned all the car loan documents that you will have to provide to the bank:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form |
Passport-size Photographs, Duly Filled Application Form |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
8.00% to 10.75% |
|
|
8.80% to 10.50% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
Bank of Baroda car loan EMI calculator is a straightforward tool that helps you know whether you can afford the car loan EMI at the amount and repayment tenure you have decided.
You can use the BOB car loan calculator and know the amount which you are going to pay for Bank of Baroda auto loan EMI. This will help you decide whether it fits your budget or you need to change the tenure.
Here is how to use Bank of Baroda car loan calculator:
You can now check the monthly payment of your BOB car loan EMI.
You can also use the BankSathi car loan calculator to check the monthly payment. This tool is hassle-free and real fast in fetching you not only the monthly cost but also the annual payment of your BOB car loan.
You can apply for Bank of Baroda car loan using any of the following methods:
Head to the nearest branch of Bank of Baroda. You need to take all the documents that will be needed to apply for a BOB car loan offline.
Here are the easy steps to apply for a BOB car loan online:
After you submit the Bank of Baroda car loan application online successfully, the bank representative will get to you with the further steps.
Do you have any queries or grievances related to the BOB vehicle loan. You can contact the Bank of Baroda customer support to have solutions.
Here is the Bank of Baroda car loan customer care number which you can dial in need of any assistance:
Other Product Of Bank Of Baroda Car Loan
The Bank of Baroda car loan interest rates start at 6.55% per annum and range up to 7.44% per annum.
The Bank of Baroda car loan comes with a maximum amount of up to Rs 1 crore. The bank offers up to 90% financing for the purchase of a car.
Individuals must be at least 21 years of age when applying for a Bank of Baroda car loan. Maximum age of borrowers should not cross 70 years at the time of tenure completion.
For this loan, the vehicle purchased is hypothecated to the bank.
You can use different payment channels such as post-dated cheques, Electronic Clearing Services (ECS) and standing instructions to make BOB car loan EMI payment.
Below given are different ways to apply for a Bank of Baroda car loan.
Know More About
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
Updated on 25 Nov 2017
| Bank Of Baroda Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 6.55% - 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