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

    10000
    10000000
    500000
  • Rate of Interest (%):

    5%
    15%
    8.70
  • Loan Terms (monthly):

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

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

Baroda Digital Car Loan : Features

  • upto 100% finance on selected models also available
  • Resident Individuals (singly) - Salaried employees, self-employed professionals (Doctor, Engineer, Architect, Interior Designers, Tech management consultants, Practicing Company secretaries etc.), Insurance agents and self-employed business persons are eligible to apply for Bank of Baroda’s digital auto loans.
  • Minimum age of the borrower should be 21 years, while the maximum age at the end of loan period is 58 years (for salaried) and 65 (self employed).
  • 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 of -1 is also eligible.
  • The repayment period or tenure for car loans is flexible 12 months to 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.
  • 100% concession in processing charges to customer;
    1. Baroda Govt Employee Salary Account (SB182)
    2. Baroda Defence Salary Package (SB186).

Baroda Digital Car Loan : Eligibility Criteria

  • Salaried employees
  • Self-employed professionals (Doctor, Engineer, Architect, Interior Designers, Tech management consultants, Practicing Company secretaries etc.)
  • Self-employed business persons and Insurance agents

Purpose:

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


Age Criteria:

Minimum age of the borrower should be 21 years, while the maximum age at the end of loan period is 58 years (for salaried) and 65 (self employed)


Eligibility based on Repayment Capacity:

Total deductions including proposed EMI should not exceed

For Salaried (Net Monthly Income) FOIR
Net Monthly Income less than 50,000/- 65%
Net Monthly Income Rs. 50,000/- and above but less than Rs. 1,50,000/- 75%
Net Monthly Income above Rs. 1,50,000/- 85%
For Self Employed
Gross Average Annual Income (last 2 years) less than 6 lakhs 60%
Gross Average Annual Income (last 2 years) 6 lakhs & above 80%

Baroda Digital Car Loan : Document Required

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 instalments, 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:

  • Personal Identification Proof:
    1. PAN Number (mandatory)
    2. Aadhaar Number (mandatory)
  • Digitally generated Bank A/C Statement for last -6- months (mandatory)
  • For Self Employed (in addition to above stated in Point number A & B):
    1. Digitally generated Income Tax Return (ITR-3&4) for the last -2- years (mandatory)

Please Note: Digitally generated Bank Statements & ITR referred as - bank statement received in email or generated through Net Banking. ITR-3&4 downloaded from Income Tax Website in pdf/xml format.

Baroda Digital Car Loan : Interest rates & charges

Fixed Rate:
Product Conditions Repo Rate + Spread Effective Rate of Interest
Digital Car Loan
Conditions
New Car
Repo Rate + Spread
1 year MCLR to 1 year MCLR+0.80%
Effective Rate of Interest
From 8.70% to 9.50%

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


Floating Rate:
Product Conditions Repo Rate + Spread Effective Rate of Interest
Digital Car Loan
Conditions
New Car
Repo Rate + Spread
From BRLLR -0.40% to BRLLR+SP+0.40%
Effective Rate of Interest
0.00%

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 Baroda Yoddha Loan Customer

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

Maximum Limit Rs. 50,00,000/-
Repayment Period Upto 84 months
Margin 7% margin on “on road price” of vehicle excluding Insurance premium
Bureau Score validation Minimum Bureau score cut off 701/ (-1)
Age Minimum -21, Maximum – 58 (Salaried) & 65 (self-employed) at the end of Loan Term
Security Hypothecation of Vehicle Financed
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.

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

  • 01 Jan 2021
    With a Baroda Car Loan, Gift Your Father the Care He Deserves
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  • 22 Mar 2022
    Baroda Car Loan - Aapke Sapno Ka Sathi
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  • 22 Mar 2022
    Baroda Car Loan - Get Your Dream Car Easily
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