Car Loan EMI Calculator
Car Loan EMI Calculator
  • Loan Amount:

    10000
    10000000
    500000
  • Rate of Interest (%):

    5%
    15%
    8.45
  • Loan Terms (monthly):

    12
    84
    84
  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)

Baroda Car Loan : Features

  • 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.

Baroda Car Loan : Eligibility

  • 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

Purpose

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

Salaried:

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%

Others:

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%

Baroda Car Loan : Interest rates & charges

Product Conditions Repo Rate + Spread Effective Rate of Interest
Car Loan
Conditions
New Car
Repo Rate + Spread
FROM BRLLR + SP TO BRLLR + SP + 3.00%
Effective Rate of Interest
0.00%

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


Unified Processing Charges:

Nil


Baroda Car Loan : Documentation

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




Baroda Car Loan : Most Important Terms and Conditions (MITC)

Maximum Limit

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


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 bank’s clause


Pre-closure charges

Nil


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.

Concession of 0.50% in applicable rate of interest on Car Loans to those applicant/s who offer minimum 50% of Loan limit as liquid collateral security e.g. Fixed Deposit of our Bank, NSC, KVP or LIC Policy.

Concession of 0.25% in applicable rate of interest on fresh car loan to applicant/s who purchase “Electric Vehicle” under Baroda Auto Loan Scheme.



Frequently Asked Questions (FAQs)

  • What is a Car Loan?

    A car loan/car finance is a loan availed for:

    • Buying a new car.
    • Purchase a pre-owned car.

     A car loan/car finance can be availed individually or jointly with close relatives. Car finance/car loan are secured loans where the car itself is used as a collateral.

    Most of the rules and processes that apply to other loans also apply to car loans. Check benefits, features, interest rates and eligibility before applying for a car loan.

  • How much Car Loan can I get?

    A car loan/car finance amount depends on various factors like age, gross income, EMIs and other deductions, and the cost of the proposed car. To check your eligibility, you can visit the Car Loan Eligibility Calculator.

    The maximum car loan limit for individuals is Rs. 200.00 lakh and for non-individuals it is Rs. 500 lakh.

  • What is the Car Loan Interest Rate?

    Car finance/Car Loan interest rates are expressed as an annual percentage rate, or APR, and are determined by a number of criteria, including your income, debt, and credit score. The interest rate on a car loan majorly depends on your CIBIL score. To find out how much interest on a car loan is applicable, please visit Interest Rate page

  • How to Get a Car Loan?

    You can apply for a car loan through any of the methods mentioned below –

    • Branch: Find our nearest branch through the branch locator available on our website.
    • Car Loan Processing Cells are available in Mumbai, Ahmedabad, Bareilly, and Patna.
    • Online application through our website.
    • Via missed call at 8467001133.
    • By calling Toll Free Numbers 18002584455/18001024455.
    • SMS: (AL) Space (Name) to 8422009988.
    • If you are an existing customer of the Bank of Baroda, you can also apply using Mobile Banking (bob World) & Net Banking facility.
  • What is the minimum CIBIL score for car loan?

    The bank takes a holistic view of the car loan application. The CIBIL stand alone is not the criteria. However, a higher CIBIL score is considered good. The minimum cut-off for a CIBIL score is 701 at present.

  • How to Check Your Car Loan Balance?

    To check your car loan balance, you can visit your base branch or nearest branch with your account number to know your car loan balance. You may also check your balance by calling Toll Free Nos. 18002584455/18001024455.

    If you are an existing customer, you may check your car loan balance by using the Internet Banking facility and Mobile Banking (bob World) facility.

  • How to get an NOC from a bank for a car loan?

    The bank will issue a No Objection Certificate (NOC) to the auto loan borrower within -7- working days of the full repayment of the auto loan amount.

  • How to Check Car Loan Status?

    You can check your car loan status using any of the methods listed below:

    • You can visit the branch where we have submitted your car loan application.
    • By dialling the toll-free numbers 18002584455/18001024455.
    • Car loan processing cell located at Mumbai, Ahmedabad, Bareilly & Patna.

Banking Mantra

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