Car Loan

• Enjoy a range of benefits on car loans from Bank of Baroda, irrespective of your loan amount or type of vehicle.
• With our car loan, you can ride home your dream car in a short period of time. Our loans are designed for those who may be unable to purchase a private vehicle due to paucity of funds.
• Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Additionally, our loan borrowers are not required to pay foreclosure charges or pre-payment penalty, nor do they need to pay advance EMIs.
• With higher limits on the car loan amount, you can avail loans for new cars for up to Rs.100 lakh (Rs.1 crore). So, if you have always had your eye on a luxury car, our loan can take you one step closer to your dream.
• Also, say goodbye to down payment worries, as you can get up to 90% financing on the car’s on-road price with Bank of Baroda’s auto loan.
• We offer attractive interest rates on loans to all our customers based on their credit scores. Additionally, existing home loan borrowers with a good credit history enjoy a concession of 0.25% on their car loan interest rate.

• Bank of Baroda offers up to 90% auto loan financing of the on-road price of the car you wish to purchase. However, the upper limit on the car loan amount for private use vehicles is Rs.100 lakh (Rs.1 crore).
• The interest rate on car loans is calculated on the daily reducing balance and is based on the credit score or CIBIL Bureau score of the applicant. The minimum credit score required for the loan is 725.
• The repayment period or tenure for car loans is up to a maximum of 84 months and is determined by the EMI amount.
• As collateral, all cars financed through our auto loans are hypothecated with Bank of Baroda.
  The hypothecation is removed once the borrower repays the entire loan amount. Salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs are eligible to apply for Bank of Baroda’s auto loans. However, the minimum age of the borrower should be 21 years, while the maximum age should not exceed 70 years after the repayment period is over.
• The processing charges on our loans are minimal, and are generally calculated as 0.50% of the car loan amount, up to a maximum of Rs.10,000.

• Salaried Employees
• Businessmen, professionals and Farmers
• Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
• Corporates (Partnership, private Limited, Public limited and Trust)
• NRIs/PIOs

Purpose

For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.

• Rate of Interest
• Processing Charges

Concessional Processing Charges upto 30.09.2018
For Loans upto Rs. 6.00 Lakhs: Flat processing charges of Rs. 1,000.00 + GST
For Loans above Rs. 6.00 Lakhs: Flat processing charges of Rs. 1,500.00 + GST

Eligibility

• Salaried Employees
• Businessmen, professionals and Farmers
• Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
• Corporates (Partnership, private Limited, Public limited and Trust)
• NRIs/PIOs

Eligibility based on Income Criteria

Eligibility based on Repayment Capacity

Total deductions including proposed EMI should not exceed

Maximum Limit

Rs.100 Lacs (For all categories)

Repayment Period

Maximum 84 months

Margin

10% Margin on ‘On road price’ of the vehicle

Bureau Score validation

Minimum Bureau score cut off as per Bank’s guidelines

Age

Minimum: Borrower – 21 years, Co-applicant- 18 years
Maximum: Age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years

Security

Hypothecation of Vehicle financed

Insurance

Comprehensive Insurance of the Vehicle with Bank’s Clause

Pre-closure charges

NIL

Rate of Interest

Rate of Interest

Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum Cut off score is 725.

Concession in ROI: Concession of 0.25% in rate of interest on Car Loans to our existing Home Loans borrowers who maintain a good track record of repayment without any overdue.

Unified Processing Charges

Processing Charges