Baroda Car Loan

BOB Festivanza Offers Valid upto 31.12.2023

• Special concession in applicable ROI upto 10bps in both Fixed and Floating Rate @ Daily reducing balance computation.
• Concession in applicable ROI for existing Home Loan Customer, Baroda Family Account customer (QAB of Rs 2 lacs or more) / Radiance customers, Govt/PSU Employee, Electric Car Loan customer will continue/prevail during the festive period.
• Concessional Processing Charges as per details given as under :
  1. Existing customer of Bank having QAB of Rs. 20,000 : Nil
  2. Customer who brings their salary account in BOB during festive season : Nil
  3. Branch sourced car loan leads where no payout is involved : Nil
  4. Other New/Existing Customer: Rs. 500+ GST only.
• 100% On-road finance (Ex-showroom Price + RTO Charges + Insurance upto 3 years) for Maruti Baleno, Maruti Breeza, Maruti Fronx, Hyundai Creta & Tata Nexon for Individual Customer having CIBIL Score 726 & above

• Bank of Baroda offers up to 90% auto loan financing of the on-road price of the car you wish to purchase; upto 100% finance on selected models also available. 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. CIBIL score (-1) is also eligible.
• 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.

• Salaried employees
• Businessmen, professionals and farmers
• Directors of private and public limited companies, proprietor of proprietorship firms, partners of partnership firms.
• Corporate (Public Ltd Co / Private Ltd Co etc.)/ (Firms i.e. Sole Proprietorship firm/ Partnership/LLP/Trust/Society etc.)
• 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

Fixed Rate:

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Floating Rate:

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Unified Processing Charges (For both FIXED and FLOATING Rate Option):

• For Existing Customer of Bank having QAB of Rs.20,000 – Nil
• For New Customer– Rs.500 + GST.
• Nil Processing charges for those auto loan customer who brings their salary account from other Banks during aforesaid period
• If lead is sourced by branch and no payout is involved (ETB as well as NTB) – Nil
• Nil for defense personals/para

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

• If the applicant is a self-employed individual
  1. Balance sheet and profit and loss account, computation of income for last 2 years
  2. Income Tax Returns – last 2 years for applicants, 26 AS, Traces
  3. Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
  4. 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

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

For Floating Rate : -

• Nil

For Fixed Rate: -

• Nil part payment charges upto cumulative amount Rs 40,000/- within a period of 2 Year from first disbursement date.
• Nil Pre- payment charges after a period of 02 Years from first disbursement date of loan amount.
• Pre/Part Payment charges @2%+GST on entire pre-payment will be applicable if such amount exceeds Rs 40,000/- within a period of 02 Years from the first Disbursement date.
• Pre-payment / part-payment charges.@ 2% + GST for entire pre-paid amount when account is closed within 2 years from the first disbursement date.
• Pre-payment / part-payment charges.@ 2% + GST for entire pre-paid amount when account is closed within 2 years from the first disbursement date.

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. CIBIL Score (-1) will also be considered.
• 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.