Bank of baroda car loan interest rate | bob car loan

Bank of baroda car loan interest rate

Bank of baroda car loan

Bank of Baroda car loan: with Bank of Baroda Auto Loan, you can have the car of your dreams. Get a car loan to buy the car of your dreams. You can buy a hatchback, sedan, MUV, SUV, sports vehicle, or luxury automobile with Bank of Baroda financing.

Salaried employees, businessmen, professionals, corporations, as well as NRIs and PIOs, can apply for a vehicle loan. We offer Bank of Baroda low-interest rates on auto loans with financing up to 90% off, making vehicle loans an excellent option for you for financing a new car.

Bank of baroda car loan benefits

  • Minimal documentation.
  • Higher loan amount
  • Up to 90% financing
  • Attractive interest rates
  • Quick processing
  • Speedy fund disbursal
  • No foreclosure charges

Bank of baroda car loan features

Bank of Baroda can finance up to 90% of the on-road cost of the automobile you choose. For private-use automobiles, however, the maximum loan amount is Rs.500 lakh (5 crores).

All autos financed through our auto loans are hypothecated with Bank of Baroda as collateral. Once the borrower has paid off the whole debt, the hypothecation is erased.

Auto loans from the Bank of Baroda are available to salaried employees, businesspeople, professionals, corporations, NRIs, and PIOs.

The borrower’s minimum age should be 21, and their maximum age should not exceed 70 years after the repayment period has ended.

The interest rate on vehicle loans is dependent on the applicant’s credit score or CIBIL Bureau score and is computed on the daily lowering balance. The loan requires a minimum credit score of 701.

The EMI amount determines the payback duration or tenure for vehicle loans, which can be up to 84 months.

Our loan processing fees are quite low.

Bank of baroda car loan eligibility

  • Directors of private and public limited corporations, proprietorship enterprises, and partnership firms.
  • Businesses (partnership, private limited, public limited, and trust)
  • Salaried workers
  • Farmers, professionals, and businessmen
  • NRIs/PIOs

Bank of baroda car loan interest rates & charges

Rate of Interest:

FROM BRLLR + SP + 0.25% TO BRLLR + SP + 3.50% (as per risk rating of the applicant/s.)
ROI range: 7.40% to 10.65%

Risk Premium of 0.05% will be applicable as per extant guidelines for customers not obtaining credit insurance cover.

Unified Processing Charges:

Rs. 1500/- + GST

Bank of baroda car loan documentation

Having a car is no longer a luxury; You need to be able to move from one place to another in order to be able to go anywhere you want, whenever you want, without waiting for congested public transport or regardless of time constraints.

Bank of Baroda offers vehicle loans at some of the lowest rates in the market with flexible terms and simple installments so that you can get your ideal car without feeling the sting of buying a big budget.

The application process for a car loan with the Bank of Baroda is very straightforward.

  • A valid passport, voter ID card, driver’s license, postpaid utility bill (gas bill and electricity bill), updated passbook or bank account statement, and notarized recorded rent agreement are all examples of proof of residency.
  • Photo identification with evidence of age (like, PAN card, passport, driving license)
  • 3 passport-sized pictures and a signed application form
  • The last six months’ bank statement
  • If the candidate is a paid employee,
  • Last 3 months’ salary slips
  • Form 16 or Income Tax Returns
  • If the candidate works for himself or herself,
  • Income computation over the previous two years, balance sheet and profit and loss account
  • Income Tax Returns for the previous two years, 26 AS, Traces
  • Gomasta License, Registration Certificate, and Service Tax Registration, to name a few.
  • Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income stated in ITR, IT Assessment/Clearance Certificate

Bank of baroda car loan most important terms and conditions

Maximum Limit :

Repayment Period:

Margin:

Bureau Score validation:

For other information go to the official site

Please, after reading this article, you are requested to visit the official website once because the schemes of banks are updated. If you have any information out of date on this. So no responsibility for this website will be taken. And we try to provide you with the correct information

Can we get a car loan from the Bank of Baroda?

Yes, you can take a car loan from the Bank of Baroda, if you have all the proof.

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