MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Bank of Baroda Car Loan Interest Rate

Bank of Baroda Car Loan Interest Rate Jul 2021

Last Updated 16th Jul 2021

Bank of Baroda New Car Loan interest rate starts from 7.25% and Bank of Baroda Used Car Loan interest rates starts from 7.00%. These are Floating rate loans and are one of the best car loan rates in India. Rate of interest vary by borrower occupation, loan amount and loan tenure.

Features New Car Loan Used Car Loan
Processing Fee 0.75% Min ₹ 2,500 Max ₹ 10,000 0.75% Min ₹ 2,500 Max ₹ 10,000
Loan Tenure Upto 7 years Upto 3 years
Lowest EMI ₹ 1,522 per lakh ₹ 3,099 per lakh
Loan Amount Upto 90% of on-road price Upto 80%
Prepayment Charges Nil Nil

High Loan amount of up to Rs. 1 crore across categories

Apply for Car Loan @ 8.65%*

Bank of Baroda Car Loan

Bank of Baroda gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from Bank of Baroda are:

  • High Loan amount of up to Rs. 1 crore across categories
  • Zero prepayment charges
  • Eligibility up to 60 per cent of gross monthly income
  • Low processing fee starting from 0.50 percent of loan amount

Bank of Baroda Car Loan Interest Rate

Bank of Baroda Car Loan interest rate depends upon following factors -

  • Loan amount: Generally banks offer lower interest rates for higher amount. 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. Car Loan interest rate Bank of Baroda 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 vehicle loan. So, higher company category leads to low Bank of Baroda car loan rate.
  • 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 past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: Bank of Baroda vehicle 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

The following table depicts the various eligibility criteria for availing a vehicle loan.

Eligibility Criteria Eligibility Details
Age 21 years - 70 years
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 90% of on-road price

Car loan eligibility 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 auto 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.

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from Bank of Baroda. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers best Bank of Baroda car loan interest 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 vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: Bank of Baroda auto loan amount depends upon your income. Bank of Baroda gives 100% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service and check your Bank of Baroda car loan status online and avial multiple benefits.

Bank of Baroda Car Loan Calculator

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 ₹ 1,522 per lakh loan amount at lowest car loan interest rate of 8.65%. 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.
Bank of Baroda EMI Car Loan Calculator
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and vehicle loan tenure here and check the EMI amount using the vehicle loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your vehicle loan agent.

Illustration

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 that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for ₹ 7,00,000 to be paid back over 5 years at an interest rate of 8.65%. Your monthly payments for this loan after applying the above formula would be ₹ 14,412 for 5 years.

Bank of Baroda Auto Loan Fee and Charges

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 vehicle loan after paying 1 EMI with prepayment Nil.

Processing Fee - Bank of Baroda asks for a processing fee of 0.75% of loan amount. Min. ₹ 2,500 and Max. ₹ 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
  • You can avail additional top-up car loan from Bank of Baroda, subject to your eligibility

Documents required for Bank of Baroda Car Loan

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car

Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

FAQs

What is car loan interest rate offered by Bank of Baroda ?

As per current interest rates, Bank of Baroda car loan interest rates are in the range of 7.25%to 10.25%.

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

Lowest EMI per lakh is ₹ 1,469 for Bank of Baroda for a loan availed at an interest rate of 7.25% and for a tenure of 7 years.

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

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

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 Min.₹ 2,500 and Max. ₹ 10,000 with applicable service tax.

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

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

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 car loan from Bank of Baroda with prepayment nil.

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 higher loan amount.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.75%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Bank of Baroda Car Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-05-19 : Bank of Baroda to hire digital marketing agencies to increase customer outreach
    Bank of Baroda is looking to hire three digital marketing agencies. The bank is aiming to visible digitally through means such as YouTube, influencer tie-ups, content syndications as well as new age media opportunities. The digital marketing firm will also be required to create content through campaigns, mobile-first based content, blog--articles, infographics, gifs and videos.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...