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Baroda Car Loan for NRI/PIOs
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Benefits
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Eligibility
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Most Important Terms and Conditions (MITC)
Competitive 
Loan up to 
Longer tenure 
Finance up to 
No advance 
Interest calculated on 
No pre-payment penalty - Salaried employees
- Businessmen, professionals
- Directors of private and public limited companies, proprietor of proprietorship firms, partners of partnership firms
- Corporates (partnership, private limited, public limited and trust).
Eligibility based on Income Criteria
| salaried person
(*average of last 3 months GMI to be considered) |
GMI less than Rs 50,000 | 24 times of GMI |
| GMI less than Rs 50,000 | 24 times of GMI | |
| GMI less than Rs 50,000 | 24 times of GMI | |
| Others | 4 times of Gross Annual income (average of 2 years Annual Income) | |
Eligibility based on Repayment capacity
Total deductions including proposed EMI should not exceed
| salaried | GMI less than Rs 50,000 | 60% |
| GMI Rs. 50,000 & above but less than Rs. 1,50,000 | 70% | |
| GMI Rs. 1,50,000 and above | 80% | |
| Others | Average Annual Income (last 2 years) less than Rs. 6 lakhs | 80% |
| Average Annual Income (last 2 years) less than Rs. 6 lakhs | 60% | |
| Average Annual Income (last 2 years) is Rs. 6 lakhs and above | 80% |
Maximum Limit
Rs. 100 lakhs (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 the bank’s clause
Pre-closure charges
NIL
Rate of Interest
To know rate of interest, click here
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
To know processing charges, click here
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