Car Loan for Defence personnel- ROI starting @ BRLLR + SP

  • Benefits
  • Features
  • Eligibility Criteria
  • Documents Required
  • Interest Rate and Charges
  • Most Important Terms & Conditions

Baroda Yoddha Auto Loan : Features

  • Car Loan product exclusive for Defence Personnel
  • Interest charges on Daily Reducing Balance
  • Longer repayment period upto 7 years

Baroda Yoddha Auto Loan : Eligibility Criteria

  • Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Costal Guard)
  • Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

The close relatives (as defined under Baroda Car Loan scheme) of the applicant can be added as a co-applicant for arriving at higher eligibility.

Applicant / co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession.

All serving employees & Retired employees of Defence are eligible under the scheme.


Minimum Age:
  • Applicant:- 21 Years
  • Co-applicant:- 18 Years

Maximum Age

Age of the applicant / co-applicant / guarantor + repayment period should not exceed -70- years.


Loan Tenure :
  • Upto 7 years

Maximum Loan Amount :
  • 3 crores

Baroda Yoddha Auto Loan : Documents Required

As per check list for Car Loan

Additional Document:

Employment Certificate duly signed by competent authority i.e. Commanding Officer or Officer Commanding containing name, rank, unit name, service no., ID Card No., Photo & Signature of Applicant and purpose for which certificate is issued.

Baroda Yoddha Auto Loan : Interest Rate and Charges

Interest Rate:

CIBIL Cut off score ROI Effective ROI
701 and above BRLLR + SP 8.20%
(-1) BRLLR + SP 8.20%
681 & above but less than 701 BRLLR + SP +2.00% 10.20%
Less than 681 BRLLR + SP +3.25% 11.45%

Risk Premium @ 0.05% over above rates will be applicable as per extant guidelines for customers not obtaining credit insurance cover.

Present BRLLR is 7.95%

Processing Charges: Nil

Baroda Yoddha Auto Loan : Most Important Terms & Conditions

Target Group

Personnel of:

  • Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Costal Guard)
  • Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

Eligibility of Borrower(s)
  • Individuals - singly or jointly (Resident Indian).

Co-Applicants

The close relatives of the applicant can be added as a co-applicant for higher eligibility.


List of Close Relatives

Spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including stepbrother/stepsister), brother’s wife, sister (including step sister) of spouse, sister’s husband, grand Son, granddaughter.


Pre-Closure / part payment Charges

Nil


Margin Norms & Loan to Value (LTV) Ratio :

Uniform margin : 10%

LTV to be calculated on the ‘On Road price’ which includes Invoice Price, Road Tax, Cost of Registration and Insurance (One Year or Three Year), excluding cost of accessories.

Proforma invoice issued by authorized dealer of the Vehicle Company should be accepted. Basic price, octroi (wherever applicable), GST / Sales Tax /VAT, RTO charges, Insurance charges etc. should be separately mentioned in the invoice issued by the dealer.

Funding against credit life insurance upto 100% of the premium amount would be allowed over and above 90% but not exceeding 95% of loan to value (LTV) ratio.

Repayment Capacity: FOIR (Fixed Obligation to Income Ratio)

Salaried / Pensioners :

  • GMI less than Rs. 50,000 p.m.: 60% of GMI
  • GMI Rs. 50,000 and above but less than Rs.1,50,000: 70% of GMI
  • GMI Rs. 1,50,000 and above : 80% of GMI

*For Salaried Persons & Pensioner / Retied : Average of last 3 months’ GMI (Gross Monthly Income) to be obtained

कॉलबैक अनुरोध

कृपया यह विवरण भरें, ताकि हम आपको वापस कॉल कर सकें और आपकी सहायता कर सकें.

चयन करें Baroda Yoddha Loans Type
  • बड़ौदा योद्धा होम लोन
  • Baroda Yoddha Auto Loan
  • Baroda Yoddha Two-Wheeler Loan
  • Baroda Yoddha Loan to Defence Pensioners
  • Baroda Yoddha Education Loans (all variants)
  • Others

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