Home Loan Eligibility Calculator
Car Loan EMI Calculator
  • Loan Amount:

  • Rate of Interest(%):

  • Loan Terms:

  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)
  • 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.500 Lakh (5 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 701.
  • 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 flat Rs. 1500 + GST.

  • 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


For purchase of new passenger cars, multi utility vehicles (MUVs), SUVs, etc. for private use.

Eligibility based on Repayment Capacity

Total deductions including proposed EMI should not exceed


Gross Monthly Income less than Rs. 50,000 60%
Gross Monthly Income Rs. 50,000 & above but less than Rs. 1,50,000 70%
Gross Monthly Income Rs. 1,50,000 and above 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%

Rate of Interest:

FROM BRLLR + SP + 0.25% TO BRLLR + SP + 3.50% (as per risk rating of the applicant/s.)
After concession : 7% to 9.75%

Risk Premium of 0.05% will be applicable as per extant guidelines for customers not obtaining credit insurance cover.

Service Charges:

Flat Rs.1500/-

More than a dream, having a car is nowadays a necessity to be able to get from one place to another without having to wait for tightly packed public transport, or to have the freedom to go anywhere anytime without worrying about time schedules. Bank of Baroda offers car loans at really attractive rates, flexible tenure and easy installments, one of the lowest in the industry, so you can have your dream car without feeling the pinch of a making a big ticket purchase. When it comes to Bank of Baroda, the process to secure a car loan is really simple.

All you need to do is make sure you have the following documents handy:

  • Photo ID with age proof (like, PAN card, passport, driving license)
  • Signed application form with 3 passport sized photographs
  • Residence proof like valid passport, voter ID card, driving license, postpaid utility bill (gas bill and electricity bill), updated passbook or bank account statement, notarized 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 self-employed individual

- Balance sheet and profit and loss account, computation of income for 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

Maximum Limit

Rs.500 Lakh ( Individual : Rs.300.00 Lakh & Non-Individuals : Rs.500.00 Lakh)

Repayment Period

Maximum 84 months


10% margin on ‘on road price’ of the vehicle

Bureau Score validation

Minimum Bureau score cut off as per bank’s guidelines



Borrower-21 years, Co-applicant-18 years


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


Hypothecation of vehicle financed


Comprehensive insurance of the vehicle with bank’s clause

Pre-closure charges


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 701.

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.

Frequently Asked Questions (FAQs) about

  • Is there a tax benefit on car loans?
    • You can actually save on taxes if you are a car loan borrower who is self-employed or the purpose of car’s use is business. But this does not apply to salaried employees since car is categorized as a luxury item.
    • If the car loan is used to purchase a car which is being used for business purposes, then this interest payment gets calculated as your business expense, which can be claimed as a deduction under Section 80C of Income Tax Act.
    • For example,
      Assuming you are a self-employed individual who took out a car loan to buy a car for business purpose and your income is Rs.8 lakhs, your interest rate expenses are Rs. 20,000, then you can claim a deduction of Rs. 20,000 under Section 80C of Income Tax Act, such that your taxable income reduces to Rs. 7.8 Lakhs.
  • What is a car loan eligibility calculator?

    The quantum of finance you can get in the form of a car loan can be calculated by using the car loan eligibility calculator available online. Your car loan eligibility depends on your current income, value of the car you are looking to buy and assessment of your repayment capacity through current expenses or EMIs you are currently servicing. The car loan eligibility calculator helps you to arrive at an estimate of how much loan you can get, based on your inputs on your current income, value of the car, existing EMIs, age, location among other factors, though the factors taken into consideration for calculating car loan eligibility may vary from bank to bank.

  • 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 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 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 Lakhs (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.
    • 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 you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.

The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.

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