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Car Loan Documents Required

Car Loan Documents Required

More than a dream, having a car is now days a necessity to be able to get from one place to another without having to wait for tightly packed public transport or to have the freedom to go anywhere anytime without worrying about time schedules. There is a large bank like Bank of Baroda that has been a trusted bank for over a century that offers car loans at really attractive rates, flexible tenure and easy installments, one of the lowest in the industry, so you can have your dream car without feeling the pinch of a making a big ticket purchase. When it comes to Bank of Baroda, the process to secure a car loan is really simple.

All you need to do is make sure you have the following documents handy-

  • Photo ID with age proof (like, PAN card, passport, driving license)
  • Signed application form with 3 passport sized photographs
  • Residence proof like
    • Valid passport
    • Voter id card
    • Driving license
    • Postpaid utility bill (gas bill and electricity bill)
    • Updated passbook or bank account statement
    • Notarized registered rent agreement
  • Bank statement for the last six months
  • If the applicant is a salaried individual
    • Last 3 months' salary slips
    • Form 16 or Income Tax Returns
  • If the applicant is a self-employed individual
    • Balance sheet and profit and loss account, computation of income for last 2 years.
    • Income Tax Returns – last 2 years for Applicants, 26 AS, Traces
    • Business proof : Gomasta License, Registration Certificate, Service Tax Registration, among others
    • IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR.

Some of the key features about Bank of Baroda’s car loan and interest rates include

  • The processing fee of Rs. 0.50% + GST
  • The loan tenure is up to 7 years for new cars.
  • The loan value is up to 90% of the on-road price of the car. There are no prepayment charges
  • The interest rate is based on BRLLR
  • Daily reducing balance
  • Credit score or CIBIL score, which should be within defined Scores of the Bank.
  • Repayment period is up to 84 months, determined by EMI
  • All cars financed by the bank are hypothecated to the Bank, which is removed on full and Final payment of the loan.
  • Profile of borrowers include: salaried employees, businessmen, professionals, corporates, NRIs and PIOs
  • Age range for getting an auto loan is 21 to 70 years.
  • Bank of Baroda also offers car loan balance transfer from another bank and top-up car loans, provided the borrower meets the eligibility criteria.

When you consider a car loan, you are likely to do your due homework in checking for affordability and eligibility. While you must get a car loan from a lender who has banking expertise in the sector of car or auto loans to get the best rate and comfortable repayment options, you also need to check how much loan you are likely to get and what your EMI looks like. For this, you can use the car loan EMI calculator available on Bank of Baroda’s website .

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