Car Loan Disbursement
04 अप्रैल 2021
Car Loan Disbursement
Is a shortage of ready funds the only thing holding you back from bringing home that latest MUV on display at the nearby showroom? Then maybe it is time you take a look at the various Car Loan products on offer. Gone are the days of saving up for a lifetime to buy a home, a car or even spend on a big wedding. If you have a steady income, a good credit score and repayment history, along with necessary documents, you can always avail of a loan to make those dreams come true.
With a Bank of Baroda Car Loan, you can get financing of up to 90% on the onroad price of the car of your choosing, with an upper limit of Rs 1 crore. Whether you are a salaried professional or a business owner, a car loan is a facility you can make the best of. No additional collateral or security is required, as the car (financed) is hypothecated with the bank until the entire loan amount is repaid.
What is Car Loan Disbursement Process?
The process of getting a Car Loan is relatively simple. The first step is deciding which car it is that you wish to buy, after which you can check for eligibility for a Car Loan at various banks. After going through your options thoroughly, you can go with a Car Loan product that best suits your needs. Checking whether or not you are eligible for the loan reduces the chances of your application being rejected. Nowadays, almost all the information you need about loan products is available on the websites of banks.
The next step is the application, which can be done online or by visiting the nearest bank branch. If you go to the branch to apply for a loan, make sure you have all the necessary documents handy. Then there is the online application option which is hasslefree, quicker and paperless. The application process ends with the submission of documents.
Then comes the step of document verification and loan approval. These days, the car loan approval process has become almost instant. The bank verifies the customer's documents and checks his/her credit score to assess eligibility, following which the loan is approved. Next comes the loan sanctioning and disbursement.
Questions to Ask about Car Loan Disbursement
What are the benefits of a car loan?
Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Loan borrowers are not required to pay foreclosure charges or prepayment penalty, nor do they need to pay advance EMIs.
With higher limits on the Car Loan amount, you can apply for up to Rs 1 crore on new cars. So, if you have always had your eye on a luxury vehicle, 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 onroad price with Bank of Baroda's auto loan.
Bank Of Baroda offers attractive interest rates on loans to all 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
Are there any prepayment charges for Bank of Baroda's auto loans?
You are allowed to prepay your loan without paying any prepayment charges.
What are the documents required to get a Bank of Baroda Car Loan?
The documents required are:
- Photo ID with age proof (like, PAN card, passport, driving license)
- Signed application form with 3 passportsized photographs
- Valid passport
- Voter id card
- Driving license
- Postpaid utility bill (gas bill and electricity bill)
- Updated passbook or bank account statement
- Notarised registered rent agreement
- Bank statement for the last six months
- Last 3 months' salary slips
- Form 16 or Income Tax Returns
- Balance sheet and profit and loss account, computation of income for the 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
Car Loan disbursement occurs only after your car loan application is approved and you get a sanction letter. Applying for a loan online is more convenient since you need not visit the branch. If you are looking for conveniences and good interest rates on Car Loans, you can start with Bank of Baroda.
Leave a Comment
Rohit Kumar17 नवम्बर, 2021
Sir ji hame car lone chahiye
Kaushal Prasad14 नवम्बर, 2021
Yes bro mere ko loan chahie your comment
SYED RIZWANUDDIN03 नवम्बर, 2021
Rajiv Kumar24 अक्तूबर, 2021
Shahrukh24 अक्तूबर, 2021
simrick Ragini22 अक्तूबर, 2021
I am interested Tou about ur car loan
Ramlal Rebari10 अक्तूबर, 2021
Dora ka badiya Tehsil madel jila bilewada raj Rajasthan.311301
SAURABH SINGH07 अक्तूबर, 2021
KRISHNA NAGAR JANAURA FAIZABAD UTTAR PRADESH FAIZABAD 224001
Naveen Chaturvedi27 सितम्बर, 2021
Mukeshsingh21 सितम्बर, 2021
IDARISH KHAN19 सितम्बर, 2021
I need money that's why I have never taken a loan before but now I need more
Shaik zaffar11 सितम्बर, 2021
Car lone full
sdfsdf09 सितम्बर, 2021
sdfsdf09 सितम्बर, 2021
Applying for an education loan – the procedure you need to follow
We have all heard the age old saying that the path to a great career and successful life is paved through a quality education. Holding a higher education degree opens up many career avenues and helps you secure your financial future. But with the ever-rising cost of college and university fees, students and parents have no choice but to take on an education loan to fund higher studies. Education loans cover a host of expenses related to higher education such as the tuition and examination fees, hostel fees (if applicable) cost of books and apparatus, conveyance charges and so on. Here’s the education loan procedure you need to follow.
Do your research and choose the lender
Before you begin with the loan application procedure, you need to get the admission offer letter from the school you wish to attend, finalise the lender and then visit them online or in person. Let’s say you choose bank of Baroda as your preferred lender.
Fill the loan application form
If you apply for the loan online, you can find the loan application form on the lender’s website. As per the instructions of the Department of Financial Services, Ministry of Finance, Government of India, all education loan applications (including applications received by Bank in physical format) are to be applied through Vidya Lakshmi portal, i.e. https://www.vidyalakshmi.co.in/Students
Appear for the interview round
The procedure to take education loan continues with the interview round. Whether you apply for the loan offline or online, the bank may call you to appear for a personal discussion. The student wishing to study further is considered as the principal loan applicant, which is why he/she must be present for this discussion. The bank generally asks student applicants some basic questions regarding their overall academic performance, the degree they wish to pursue and the school they wish to attend and so on. They also ask questions regarding the possible income that can be generated from their chosen field. Based on the information provided by the applicant, the bank decides whether or not to proceed with the loan.
Provide the documents
The bank also asks you to provide some documents as part of the Bank’s education loan procedure. You need to submit the admission offer letter provided by your chosen university. The bank will also do its due diligence and verify your enrolment.
The bank approves the loan
After verifying your credentials, your student loan may be approved. The student’s one of the parents/guardians are listed as co-borrower or guarantors and the bank also checks the guarantor’s /co-borrower’s credit scores before approving the loan. Additionally, the applicant must also sign a promissory note and other prescribed loan documents, assuring the bank that the loan will be repaid within the stipulated tenure.
The last step in the education loan procedure is loan disbursal. After all formalities are completed, the bank disburses the loan amount directly into the bank account of the university the student wishes to attend. Disbursement can be done partially (–semester wise) or fully, at one go.
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Computing Your Car Loan EMI Made Easy
Every individual’s journey to buy a car is unique. It begins with where the individual is in his/her career, and the choice of vehicle they want, which is mainly based on why they want the car. During the process, they also focus on how they can get a car loan that suits their requirement.
When you, as an individual are considering a car loan, you are likely to do your due homework in checking for affordability and the loan tenure among other factors. While it is essential to go for a car loan from a lender who has banking expertise in the sector of car or auto loans, so you get the best rate and comfortable repayment options, you can also use the EMI calculator like the Bank of Baroda’s Car Loan EMI calculator that will help you make a well-informed choice in picking your car loan.
In using a car loan EMI calculator, you need to key in three basic variables- the loan amount you are likely to need, the tenure or the repayment period that suits your finances and the rate of interest. Now, the rate of interest is what you get from the bank, while the other two are the ones you can play around with on the calculator. Here is why using a car loan EMI calculator works.
If EMI is more:
You can pick a longer loan term or
You can make the loan amount smaller
If you find the EMI is coming out to be lower, then you can plan for a larger loan value or a shorter loan term.
You can also use the PMT formula on Microsoft Excel to calculate the EMI (Equated Monthly Instalments), where PMT is your EMI, Rate is the rate of interest, Nper or number of periods is the total number of payments for the loan and Pv is the loan value or the principal. The formula is PMT (Rate, Nper, Pv).
You can keep trying the formula for various combinations and then choose the one with the lowest EMI, though this is a roundabout approach prone to human error.
Bank of Baroda offers car loans and has a wide range of benefits, irrespective of your loan amount or type of vehicle.
With a BoB car loans, 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.
You can 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 based on your eligibility. 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.
Bank of Baroda 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 on their car loan interest rate.