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Bank of Baroda Car Loan

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.

Bank Of Baroda Car Loan Interest Rates 2021

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

Bank of Baroda Car Loan Highlights

Here are the features that make Bank of Baroda car loan the one to count on:

  • Purpose

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.

  • Loan Amount

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.

  • Rate of Interest

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.

  • Loan Repayment Tenure

The bank brings car loans with a long repayment perio. The Bank of Baroda car loan repayment tenure ranges up to 84 months.

Eligibility For Bank of Baroda Car Loan

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:

  • This loan is designed for salaried employees, businessmen, professionals and farmers. 
  • Private limited companies, public limited companies, proprietorship and partnership firms can also apply for Bank of Baroda car loan.
  • Applicants must be at least 21 years of age when they apply for this car loan.
  • Applicants must not be above the age of 70 years when the tenure completes.
  • Applicants must meet the income criteria set by the bank.
  • Applicants must have a credit score of at least 701.

Documents Required for Bank of Baroda Car Loan

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

Compare Other Bank Car Loan Interest Rates

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

SBI New Car Loan Scheme

8.00% to 10.75%

HDFC Bank New Car Loan

8.80% to 10.50%

Kotak Mahindra 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%

Bank of Baroda Car Loan EMI Calculator

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:

  • Hop to the official website of Bank of Baroda.
  • Go to the “Personal” banking list.
  • Click and open the “Loans” section.
  • Find and hit the “Car Loan” option.
  • Move to the “Car Loan EMI Calculator” and open it.
  • Enter the principal amount, interest rate and years of loan term.

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.

How to Apply for Bank of Baroda Car Loan?

You can apply for Bank of Baroda car loan using any of the following methods:

  • Apply for Bank of Baroda car loan offline

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. 

  • Apply for Bank of Baroda car loan online 

Here are the easy steps to apply for a BOB car loan online:

  • Hop to the official website of Bank of Baroda.
  • Go to the “Personal” banking list.
  • Click and open the “Loans” section.
  • Find and hit the “Car Loan” option.
  • Now tap the “Apply Now” button to open the BOB car loan application.
  • Enter the required details.
  • Submit the car loan application. 

After you submit the Bank of Baroda car loan application online successfully, the bank representative will get to you with the further steps.

Bank of Baroda Car Loan Customer Care Number 

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

FAQs On Baroda Bank Car Loan

Q.1 What are the interest charges on 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.

Q.2 What is the maximum loan amount I can avail on a Bank of Baroda car loan?

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.

Q.3 What is the age limit for individuals to apply for a Bank of Baroda car loan?

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.

Q.4 What kind of security/ collateral do loan borrowers have to offer to the bank in order to get a Bank of Baroda car loan?

For this loan, the vehicle purchased is hypothecated to the bank.

Q.5 How do I pay my Bank of Baroda car loan EMIs? 

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.

Q.6 How can I apply for a Bank of Baroda car loan?

Below given are different ways to apply for a Bank of Baroda car loan. 

  • Apply for Bank of Baroda vehicle loan online by going to the official website of the bank
  • Get in touch with the Bank of Baroda customer support 
  • Go to the nearest branch of Bank of Baroda with all the required documents
Last Updated on : 08/May/2021

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) 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

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