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Bank of Baroda Car Loan

Bank of Baroda Auto Loan

Last Updated 14th Apr 2021

Features and Eligibility Bank of Baroda New Car Loan Scheme Bank of Baroda Used Car Loan Scheme
Rate of Interest 7.35% Floating 10.45% Floating
Loan Amount Eligibility 90% of on-road price 80%
Lowest EMI per Lakh ₹ 1,526 ₹ 3,248
Apply for Car Loan @ 8.70%*

Bank of Baroda Car Loan

Factors Affecting Bank of Baroda Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Bank of Baroda depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Bank of Baroda offers 90% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Bank of Baroda interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Bank of Baroda has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - Bank of Baroda offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low Bank of Baroda Car loan interest rate.
  • Loan Tenure - Bank of Baroda car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, Bank of Baroda checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Bank of Baroda Car Loan Eligibility

Eligibility of car loan in Bank of Baroda relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Baroda offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 70 years at the time of loan maturity.
  • Income: Bank of Baroda car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Bank of Baroda asks for net annual income of minimum Rs. 0.00 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Bank of Baroda. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Bank of Baroda increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Bank of Baroda car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: Bank of Baroda gives you a car loan depending upon your income. Bank of Baroda gives you 90% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase Bank of Baroda Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Bank of Baroda also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Bank of Baroda Car Loan EMI

Car Loan EMI of Bank of Baroda is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Bank of Baroda is Rs. 1,526 per lakh loan amount at lowest car loan interest rate of 7.35%. Car Loan EMI of Bank of Baroda depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Bank of Baroda Car Loan

Car loan Bank of Baroda documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Bank of Baroda documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Bank of Baroda

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Baroda allows prepayment of car loan after paying 1 EMI’s with Nil
  • Processing Fee - Bank of Baroda asks for a processing fee of 0.75% of loan amount Max. Rs. 10,000 with applicable service tax

Bank of Baroda Car Loan Top up, Balance Transfer

  • Bank of Baroda offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Bank of Baroda
  • You can avail additional top-up car loan from Bank of Baroda, subject to your eligibility

FAQs

How much interest is charged by Bank of Baroda on car loan?

Bank of Baroda car loan interest rates today are 7.35% to 10.10%.

What is the lowest EMI per lakh on Bank of Baroda car loan?

If you apply for a car loan from Bank of Baroda, your lowest EMI per lakh will be Rs. 1526.44.

What is the maximum tenure of Bank of Baroda car loan?

You can repay your car loan from Bank of Baroda in a flexible period of 7 years.

How much car loan can I borrow from Bank of Baroda?

Bank of Baroda offers you 90% of on-road price of the car as loan.

How much processing fee is charged by Bank of Baroda on car loan?

Bank of Baroda charges a processing fee of 0.75% of loan amount Max. ₹ 10,000 with applicable service tax.

Is age an eligibility factor to get car loan from Bank of Baroda?

Yes, age is an important eligibility factor to get Bank of Baroda car loan as you should be at least 21 years old at loan approval time and 70 years old at loan maturity time.

Are there any prepayment charges on Bank of Baroda car loan?

You can take a car loan from Bank of Baroda with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from Bank of Baroda ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of Bank of Baroda with other banks

Bank of Baroda Car Loan in India

Bank of Baroda Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0562-253567
Ahmedabad 1800-223-344
Ambala 1800-223-344
Anand 0265-2361852
Aurangabad Bihar 0832-224003
Bangalore 080-22224746
Bhilai 1800-223-344
Bhilwara 1800-102-4455
Bhiwadi 0832-224003
Bhopal 0755-556274
Bhubaneswar Cuttack 0674-2517435
Bikaner 1800-102-4455
Chandigarh 0172-701617
Chennai 044-23454249
Cochin 0484-4027903
Coimbatore 0422-2303735
Dehradun 05946-22178
Delhi 011-3319192
Durg 1800-223-344
Faridabad 0129-2412681
Gandhinagar 0265-2361852
Ghaziabad 0120-2790111
Goa 0832-224003
Greater Noida 011-3319192
Gurgaon 011-3319192
Guwahati 0361-2540475
Gwalior 1800-223-344
Hyderabad 1800-223-344
Indore 1800-223-344
Jabalpur 1800-223-344
Jaipur 0141-363056
Jalandhar 0172-701617
Jodhpur 0291-550084
Kanpur 0512-215655
Karnal 0172-701617
Kolhapur 0832-224003
Kolkata 1800-223-344
Kota 0291-550084
Kozhikode 0484-4027903
Lucknow 0522-206028
Ludhiana 0172-701617
Madurai 0422-2303735
Meerut 0562-253567
Mehsana 0265-2361852
Mohali Sas Nagar 0172-701617
Mumbai 022-22614706
Mussoorie 05946-22178
Nagpur 0712-527466
Nashik 0712-527466
Noida 011-3319192
Noida Extn 011-3319192
Panipat 1800-223-344
Patna 0612-2452336
Pondicherry 1800-223-344
Pune 020-5466917
Raipur 0771-526081
Rajkot 0281-225686
Ranchi 0657-2426802
Rohtak 1800-223-344
Roorkee 05946-22178
Salem 0422-2303735
Shimla 1800-223-344
Sonipat 1800-223-344
Surat 0261-3462216
Trichy 0422-2303735
Udaipur 0294-522203
Vadodara 0265-2361852
Varanasi 0542-2366349
Vijaywada 040-23421603
Vizag 040-23421603

Bank of Baroda Car Loan News - Apr 2021
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2020-12-28 : BOB launches Digital Lending Platform
    Bank of Baroda launched the Digital Lending Platform. The platform will allow to enables prospective customers to avail retail loan like home, personal, car, gold and two-wheeler and education loans digitally. The main objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
  • 2020-08-11 : Bank of Baroda reported a net loss of ₹864 cr in Q1
    Bank of Baroda posted a net loss of ₹864 crores for the three months to June, owing to higher provisions for loans. Net interest income backed by retail loans like home, personal, gold, car, two-wheeler and gold loans along with business and mudra loans increased 5% y-o-y to ₹6,816 crores in Q1 FY21. Further, The total advances grew 8.6% y-o-y to Rs. 7.36 trillion.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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