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.
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.
|
TYPE |
CHARGES |
|
Processing Fee |
0.50% of the loan amount (Maximum Rs.10000) |
|
Foreclosure charges |
No charges |
|
Pre payment charges |
No charges |
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 |
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.
|
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
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% |
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
There are two ways to get a car loan with Bank of Baroda :
Offline Method : Visit to the nearest branch of bank of baroda
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
|
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You can apply offline by visiting the nearest branch of Bank of Baroda or Online for a 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.
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
The minimum tenure period is 1 years and the maximum tenure period is 7years required for a Bank of Baroda Car Loan.
The Bank of Baroda did not apply any foreclosure and prepayment charges for a car loan.
The interest rate charged by Bank of Baroda Car Loan is 8.85%
Last Updated on : 25/Jul/2020Know 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) | 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