Bank of Baroda Car Loan

Whether you are a Salaried Employee, a Self-Employed Professional or a Self-Employed Businessman, Bank of Baroda offers loan to help you in owning your dream car. The Bank offers you loan as high as Rs. 1 Crore subject to 90% of on-road prices with a interest rate ranging from 8.60% to up to maximum of 10.35%. The processing fee charged by the bank is 0.50% of the loan amount or minimum Rs. 2,500 to up to maximum of Rs. 10,000 and the concessional processing charges which are up to 30.09.2018 is ranging from Rs. 1,000 for loans up to Rs. 6 Lacs and Rs. 1,500 for loans above Rs. 6 Lacs. You can repay your loan with a tenure of as long as 84 months (7 Years) and the pre-payment charges are Zero to up to 4% of the principal outstanding.

Bank of Baroda is a good fit for you if?

Higher amount of eligibility - Availing loan from Bank of Baroda to purchase your favorite car could be a good fit for you if you want higher of funds, it offers funds as high as Rs. 1 Crore which is quite a high amount as compared to other competing banks or financial institutions such as State Bank of india which lends up to Rs. 6 Lacs which is quite a low amount. So if you want higher funds to buy your dream car, you can apply from Bank of Baroda

Bank of Baroda Car Loan at a glance

Annual Interest Rate

8.60% - 10.35%

Loan Term

Up to 7 years

Loan Amount

90% of On-road prices to upto Rs. 1 Crore

Time of Funding

Within 7 working days

Pre-Payment Charges

Zero to 4% of the Principal Outstanding

Bank of Baroda offers you funds up to 8.90% of On-road prices and you can repay your loan within a tenure of 7 years which is quite a long span of time. The annual interest rate is ranging from 8.60% to up to maximum of 10.35% which is quite a large amount and the Pre-Payment charges are 4% of the Principal Outstanding within 6 months and after 6 month, no Prepayment fee is charged by the bank after 6 months of availing loan. You can repay your loan within a tenure of 7 years.

Why Choose Bank of Baroda?

No advance EMI - Bank of Baroda could be a good choice for you as no advance Equated Monthly Installments is required. You can easily apply for your loan from this bank without any advance monthly installments and make your dream come true.

Zero prepayment penalty - Are you rid of paying unnecessary fee on your loan amount. Don't worry as Bank of Baroda does not charge any prepayment fee for six months and after six months it charges 4% of the outstanding amount as compared to other competing banks or financial institutions like HDFC Bank which charges 3% to up to 6% of the loan amount as a prepayment charges.

Finance up to 90% of on-road price - If you apply for your car loan from Bank of Baroda then, you only have to pay 10% of the on-road price of the car and the 90% of the on-road price will be paid by Bank of baroda, so applying for a loan from Bank of Baroda could be a good choice for you as there are many banks which lends lower amount of funds such as State Bank of India

Lends up to Rs. 1 crore - If you want higher amount of funds to buy your dream car then you can choose Bank of baroda, you can avail as high as Rs. 1 crore from the bank and can easily buy your dream car, as compared to other banks or financial institutions which charges low amount of funds such as State Bank of India which can lend up to Rs. 6 Lacs.

What to watch out for?

Minimum Monthly Income of Rs. 12000 Required – In order to be eligible to avail car loan from Bank of Baroda, you must be earning at least Rs. 12,000 per month. However, Bank of Baroda offers you to include your co-applicant such as spouse / legal heir's income to enhance the income to be eligible for the loan.

Compare Bank of Baroda Car Loans to Other Banks

Bank Name Bank of Baroda Canara Bank HDFC Bank

Typical APR

8.60% - 10.35% per annum

8.95% - 9.50%

For Women borrowers

9.0% - 9.60%

For other borrowers

9% - 10.25%

Loan Term

Up to 7 years

Up to 84 months

12 months - 84 months

Maximum Lending Amount

Up to 90% of On-road prices

Up to 90%

Up to Rs. 3 Crores

Processing Fee

0.50%

Minimum Rs. 2,500

Maximum Rs.10,000

Rs. 1,000

For loans up to Rs. 6 Lacs

Rs. 1,500

For loans above Rs. 6 Lacs

0.25% of the loan amount

Minimum Rs. 1,000

Maximum Rs. 5,000

0.4% of the loan amount

Minimum Rs. 3,000

Maximum Rs. 10,000

Time to Funding

Within 7 working days

Within 7 working days

Within 7 working days of approval

Pre-Closure

Zero to 4% of the Principal Outstanding

Nil

3% to 6%

If you want to avail loan according to your suitability, it is very important to compare the banks before fixing on one. Starting from the maximum lending amount, Bank of Baroda offers you loan as 90% of On-road prices. The Processing fee charged by bank of Baroda is 0.50% or minimum Rs. 2,500 or maximum Rs. 10,000. Up to 30.09.2018, the concessional charges are Rs. 1,000 for loans up to Rs. 6 Lacs and Rs. 1,500 for loans above Rs. 6 Lacs while Canara bank charges a lot fee of 0.25% of the loan amount or maximum Rs. 1,000 and maximum Rs. 5,000 and in case of HDFC, it charges 0.4% of the loan amount or minimum Rs. 3,000 and maximum Rs. 10,000.

The tenure to repay your loan in all the banks are same which is up to 7 year and the typical APR charged by the bank is ranging from 8.60% to up to 10.35% per annum as compare to other competing banks which charges interest rate for different categories ie. 8.95% to up to 9.50% for women borrowers and 9.0% to up to 9.60% fo other borrowers. The Pre-Closure fee charged by Bank of Baroda is 4% of the principal outstanding within 6 months and after 6 months no pre closure fee is charged by the bank while in case of HDFC Bank, it charges 3% to up to 6% of the Pre-Closure fee which is quite a high amount as compare to other banks such as Canara bank which does not charge any Pre-Closure fee.

Am I Eligible?

For Salaried applicants:

  • Minimum age of the applicant must be 21 years
  • Maximum age : the present age plus the tenure of the applied loan should not cross the retirement age of the applicant
  • The applicant should have been working for a minimum of 2 year
  • The applicant should have been working with at least 1 year with the present employer.
  • Minimum income of the applicant should be Rs. 12,000 per month in Mumbai, Delhi, Bangalore, Chennai, Ahmedabad, Cochin

For Self-Employed Individuals:

  • Minimum age of the applicant must be 21 years
  • Maximum age of the applicant should b 65 years
  • The applicant should have been in the same business for at least 3 years

Loan Offerings

Bank of Baroda Car Loan

  • Bank of Baroda offers you loan as high as 90% of on-road prices and the interest rate is ranging from 8.60% to up to 10.35% per annum. The processing fee charge on that loan is 0.50% and minimum Rs. 2,500 or maximum Rs. 10,000 and the concessional Processing charges are Rs. 1,000 for loans up to Rs. 6 Lacs and Rs. 1,500 for loans above Rs. 6 Lacs. No Prepayment fee is charged by the bank within 6 months of availing loan but after 6 months you have to pay 4% of the principal outstanding.
  • Documents required for Salaried applicants:
    • Signed application form along with your photographs
    • Last 3 months pay slip
    • 2 passport size photographs signed by the customer
    • R.C of vehicle and insurance of Car
    • Bank statement of last 3 months
    • Form number 16 or Income tax returns
    • KYC Documents
  • Documents required for Self-Employed Applicants:
    • 2 passport size photographs signed by the customer
    • Last 3 years income tax returns
    • Profit and loss account of last 3 years certified by chartered accountant
    • Audited balance sheet of last 3 years certified by chartered accountant
    • KYC Documents

Bank of Baroda Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Bank of Baroda Car Loan

8.60% - 10.35% per annum

How do I apply for Bank of Baroda Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT

At Bank of Baroda Branch

    • Walkin to the nearest branch of Bank of Baroda along with your KYC documents. Click here to download the application form of Bank of Baroda Car Loan
    • Fill in the required details and attach your important documents
    • Now, you can submit this application from at any of your nearest branch of Bank of Baroda

After I Apply?

Check Loan Status

  • Through Customer Care
    • Dial 1800-102-4455 from your registered mobile number.
    • Press 1 for english, Press 2 for Hindi, Press 3 for Marathi, Press 4 for Gujarati, Press 5 for Tamil, Press 6 for Telugu, Press 7 for Malayalam or Press 8 for Kannad
    • Now enter your account number
    • Now, wait for the IVR to connect your call to the customer care executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50%

Mini Rs. 2,500 - Max Rs.10,000

Rs. 1,000

For loans up to Rs. 6 Lacs

Rs. 1,500

For loans above Rs. 6 Lacs

Foreclosure Charges

Allowed after first 6 EMIs

Nil

Change of original instruction in respect of OBC / IBC

Rs. 100/- per request

Charges of issuance of Balance Certificate

Rs. 75 per certificate (for individuals)


Rs. 150 per certificate (for others)

Bank of Baroda charges a Processing fee of 0.50% or minimum Rs. 2,500 or maximum Rs. 10,000 and the concessional Processing charges which is up to 30.09.2018 is ranging from Rs. 1,000 for loans up to Rs. 6 Lacs or maximum Rs. 1,500 for loans above Rs. 6 Lacs. Bank of Baroda does not charge any pre-Closure fee and for the change of original instruction in respect of OBC / IBC is Rs. 100 per request. The charges of issuance of Balance certificate is Rs. 75 per certificate for individuals and Rs. 150 per certificate for others.

FAQs

What is the Base Rate of Bank of Baroda?

The base rate of bank of Baroda is 9.65% per annum

Are there any additional charges if I get a Car Loan?

Yes, when you borrow a Car loan, some of the charges are levied to the borrower in order to avail the finance for Car loan, such as –

  • Processing Charges
  • Documentation charges
  • Document Verification/ vetting charges
  • Pre- Inspection (Contact Point Verification-CPV) charges
  • One time post inspection charges
  • Advocate charges for legal opinion
  • Valuer charges for valuation (One time at the time of sanction)
  • Bureau report charges
  • CERSAI charges
  • ITR Verification charges