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Bank Of Baroda Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Bank of Baroda Car Loan 8.60% - 10.35% 0.5% of loan amount Maximum 1 crore 84 months
Details
Documents Required

  • Duly Filled in Loan application form along with recent passport photographs
  • PAN Card
  • Recent Passport size photographs (2 copies)
  • Identity Card of Employer
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
Benefits

  • No Hidden Charges
  • Low Processing Fees
  • Low-Interest rates
  • Administrative charges are Nil
  • Get loan up to 90% of the on-road price of the vehicle
Eligibility

  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should not be above 70 years.
  • Salaried Individuals
  • Businessmen, farmers, professionals
  • Directors of private and public limited companies, partners of partnership firms, proprietor of proprietorship firms
  • Corporates including trusts, private limited, partnership, public limited companies
  • PIOs or NRIs
  • Minimum credit score of the applicant should be 725 to secure a car loan from Bank of Baroda.
Other Details

  • Repayment tenure is spread across 84 months and is mostly determined by the equated monthly instalment amount
  • The upper limit on the car loan for private use is Rs 1 crore.
  • Processing Fee is 0.5% of the car loan (maximum of Rs 10,000)
  • As a part of the collateral, all the cars which are financed through the Bank of Baroda’s car loans are hypothecated by the bank.

FAQs

Q: What is the current rate of interest for a car loan in Bank of Baroda?

A: The Bank of Baroda offers a car loan with attractive interest rates ranging between 8.60% to 10.35%.

That is designed to meet your personal needs including amazing deals on a car loan as well as a used car loan.

Q: What are the other charges on the BOB car loan?

A: The borrowers will have to pay the following chargers for a car loan:

  • Application Processing charges
  • Registration charges.
  • Stamp duty for execution of documents
  • For pre-owned cars, the borrower has to obtain the certificate of value and residual life of the vehicle with his own expenses.

Q: Can I get a car loan from BOB for a used vehicle?

A: Yes, Bank of Baroda provides car loans for used vehicles. The car should not be more than 3 years old from the time of registration.

Q: What are the documents required to avail the car loan from BOB?

A: To avail a car loan from BOB the following documents are required:

1. A filled application form with photograph

2. Identity proof and residential proof.

3. Latest bank statement from the last six months.

4. Documents for salaried applicants: recent 3 months salary payslips and Form 16.

5. Documents for Self-employed applicants: Business proof and IT returns from last 3 years.

Q: How much loan amount I can get for a car loan from BOB?

A: BOB provides for a new car, up to 85% of the on road price of the car. While for a used car get up to 80% of the total car value can be covered by the loan.

Latest Articles

Bank of Baroda Cuts MCLR By 10 Basis Points Making Loans Cheaper

The Bank of Baroda has cut the MCLR by up to 10 basis points (bps) on various tenors and the same will come into effect starting from Sunday (July 7, 2019).

In its regulatory filing, the bank stated that it has revised the marginal cost of funds – based lending rate.

Accordingly, the benchmark for one – year MCLR has been trimmed down by 10 bps to 8.60 percent from its earlier record of 8.70 percent. This one year MCLR is the rate which is linked to most of the loans including home loan, personal loan and car loan.

6 July 2019
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