Computing Your Car Loan EMI Made Easy

01 नवम्बर 2019

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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.

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Car Loan Disbursement

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

Residence proofs:

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

If the applicant is a salaried individual

Last 3 months' salary slips
Form 16 or Income Tax Returns

If the applicant is a selfemployed individual

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

Conclusion
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.

Difference Between Credit Card & Debit Card

4 Differences between Credit Card and Debit Card
When you open a bank account, you are provided with a cheque book, a passbook and an ATM-cum-debit card, also known simply as a debit card. After you’ve held your account with the bank for some time, the bank may even offer you a credit card. However, many people are often confused about the difference between debit and credit card and often assume them to be the same. So, we’ve listed the differences to help you understand. Let’s start with understanding the meaning of each card.
What is a debit card?
A debit card is a card that is linked with your savings or current bank account. When you open your bank account, the bank issues a card that you can use at ATMs and PoS terminals to withdraw money or pay for your expenses, respectively. The sums are automatically and instantly debited or deducted from your debit card. Banks provide free debit cards and charge a small annual maintenance fee.
What is a credit card?
A credit card is another type of bank card through which you can borrow money for a bank or financial institution. The issuer provides you with a line of credit, also known as a credit limit. This limit is determined based on your income and can be increased from time to time. The issuer bills you for your credit card expenses, and you need to pay them off by a stipulated date. If you fail to repay the sums borrower on credit, the issuer levies an interest rate on the money borrowed.
Credit card vs debit card
Having explained the meanings of credit and debit cards, let’s find out what is the difference between credit card and debit card. They are as under:

Bill vs account statement

People who have a credit card are sent a bill for the expenses incurred on the card each month. The issuer sends a bill explaining the minimum and total sums due. In the case of debit cards, the account holder can directly access the savings account to see the expenses incurred.


Linking the card


The debit card is linked to your savings account, whereas the credit card is linked to the financial organisation or issuing bank offering the credit facility.



Credit vs spending limit



Typically, credit card companies provide a credit limit, and you cannot borrow sums exceeding the credit limit. In the case of debit cards, banks issue daily cash withdrawal as well as PoS spending limits.




Interest charged




The credit card issuer levies an interest rate if one is unable to repay the amounts borrowed on time. However, in the case of debit cards, money is not borrowed on credit, so no interest is charged.
Apart from the points mentioned above, a significant aspect of difference between debit and credit card is that debit cards are provided free of charge by the bank. In contrast, credit cards may be availed through an application or by invitation only.

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