Bank of Baroda Car Loan

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Bank of Baroda Car Loan

Bank of Baroda Car Loan Key Features – Oct 19 2021

Bank of Baroda Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,604
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% Only
Bank of Baroda Car loan Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Bank of Baroda Car Loan

Bank of Baroda (BOB) is an Indian multinational, public sector banking and financial services company. It is the third-largest public sector bank in India.

Bank of Baroda provides Best Car Loan at attractive interest rates to the consumer for buying their dream car, whether new or second hand. It is an easily available loan that anyone can procure, even by those who have a slightly low Bank of Baroda CIBIL score.

Advantages of Bank of Baroda Car Loan

Bank of Baroda Car Loan

Bank of Baroda Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns.
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months.
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Bank of Baroda Car Loan Interest Rates and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Processing fee Up to 0.40% Only 0.40% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Bank of Baroda Car Loan

  • Opt for a shorter tenure: When you opt for a shorter term to repay the money, the EMI you will pay each month will be higher in the Bank of Baroda. This will be an indication of your higher repayment capacity for the Bank of Baroda Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Bank of Baroda car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for the Bank of Baroda Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Bank of Baroda means you have a good balance between your earnings and your spending. This is because before Bank of Baroda decides to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Bank of Baroda Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Bank of Baroda car loan. A lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Bank of Baroda loan are higher.

Factors Affecting Bank of Baroda Car Loan Eligibility

The eligibility for availing of a Bank of Baroda car will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for a Bank of Baroda car loan will be higher. This is because a higher income indicates a higher repayment capacity.
  • Loan amount: Your Eligibility Criteria for Car Loan from Bank of Baroda will be higher if you apply for a lower loan amount as if the loan amount is lower, Bank of Baroda knows that the loan will be paid off quicker. Hence, they will be more confident giving you the Bank of Baroda Car Loan loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in the Bank of Baroda. It might give an impression to the bank that you do not possess the ability to pay Your Bank of Baroda loan.
  • Credit score: This is an essential factor that every bank, including Bank of Baroda, considers when determining your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by Bank of Baroda and most lenders.
  • Relationship with the bank: As stated earlier, Bank of Baroda offers instant car loans to their existing customers, which allows Bank of Baroda’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Bank of Baroda Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Processing fees* (Non – refundable)

All loan providers from both the private and public sectors usually charge some amount as a fee for providing a loan to the applicant. These fees are basically used to cover all the external expenses at the time of providing the loan or during the loan tenure. The two most commonly charged loans are as follows:

  • Charges for Foreclosure: If you try to pay off the whole debt before the expiration of the term, you’ll have to pay certain fees. After paying one EMI with the Bank of Baroda, you can prepay your car loan. None
  • Loan Processing Fees: Bank of Baroda charges a servicing fee of 0.75 per cent of the loan volume, up to Rs. 10,000, plus applicable operation tax.

Bank of Baroda Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Bank of Baroda Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager, who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily Apply For a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching the Bank of Baroda for a loan, you inform them about the amount of loan you need to borrow. Limit your Bank of Baroda loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Bank of Baroda loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI that you will be able to pay comfortably for the Bank of Baroda Loan after taking into account other obligations.
  • Calculate your Bank of Baroda car loan eligibility: Your Bank of Baroda eligibility is an assessment of your repayment capacity based on your monthly income. Bank of Baroda provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Bank of Baroda also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Bank of Baroda loan eligibility.
  • FOIR based loan amount eligibility: Bank of Baroda will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The Bank of Baroda applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Bank of Baroda or other banks to calculate your fixed obligations.
Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹ 4,493 ₹ 3,104 ₹ 1,997 ₹ 1,526
3 Lakh ₹ 13,479 ₹ 9,311 ₹ 5,990 ₹ 4,579
5 Lakh ₹ 22,466 ₹ 15,519 ₹ 9,983 ₹ 7,632
10 Lakh ₹ 44,931 ₹ 31,037 ₹ 19,967 ₹ 15,264

Car Loan EMI – EMI Changes in Case of Prepayment

In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in Bank of Baroda is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. Bank of Baroda provides you with two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This alternative allows you to shut your loan prior and save the interest outgo associated with the remaining term. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure the same: This option allows you to reduce your monthly EMI, increasing the availability of monthly surplus, which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and, hence, reduce their monthly EMI obligations.

How to Calculate EMI on Bank of Baroda Car Loan

Before an applicant avail of a car loan from the Bank of Baroda, you may need to understand how much you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments, and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.

One can easily calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P is the principal amount, r is the interest rate, and n is the number of years or tenure of the loan.

One can also calculate the EMI by using the EMI Calculator tool, wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. Then, the tool will calculate the EMI and display it to you.

Bank of Baroda Car Loan EMI Calculator

With this Bank of Baroda car loan interest rate calculator, the applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Bank of Baroda Car Loan Types

Bank of Baroda offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car are the scheme for you. You can take a Bank of Baroda Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car, you can choose this scheme, which offers a minimum Rs. 1 lakh loan and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

New Car Loan: Pre-owned car Loan & Loan against Car:

Pre-owned car loans are also available from the Bank of Baroda. With quicker approval, an Bank of Baroda Car Loan allows you to easily buy a wide variety of certified/pre-owned vehicles.

Features of a Pre-Owned Car Loan:

  • Customers who take out a Car Loan will borrow up to 90% of the deal value.
  • Loans with a maximum term of 3 years are available.
  • As applied to a new car loan, the loan balance available could be smaller. As a result, EMIs shall be less on a monthly basis.
  • The repayment period is long.
  • The loan application process is straightforward and can be done entirely online.
  • As compared to a new vehicle, the insurance premiums and depreciation rates are lower.
  • Just the bare minimum of documents must be requested.

Compared to this, a loan against a car is when an individual pledge his vehicle for quick funds, like in case of a medical emergency, etc.

Compare Bank of Baroda Car Loan with other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
Bank of Baroda Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Bank of Baroda Car Loan Customer Care – Toll-Free Number

Bank of Baroda is famous for its customer relations management. As a result, they provide special Car Loan customer care service contact numbers to ensure convenience for the customer:

1800 102 77 88 

The customer does not need to look up customer care numbers every time. They can just get one contact number for all their financial needs with India’s First Financial Helpline with Us.

Dialabank: 9878981166

Bank of Baroda Car Loan for Top Selling Cars

Other Available Products from Bank of Baroda

Bank of Baroda Personal Loan Bank of Baroda Car loan Bank of Baroda Home Loan
Bank of Baroda Credit Card Bank of Baroda Two Wheeler Loan Bank of Baroda Education Loan

FAQs for Bank of Baroda Car Loan

✅ What is a Bank of Baroda Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a Car Loan from the Bank of Baroda?

There are two main ways in which one can avail of a car loan from the Bank of Baroda. One is through the online application, and the other is through the in-branch application. In addition, the existing customers could also be eligible for pre-approved car loans based on Bank of Baroda car loan terms and conditions.

✅ How does the Yes Bank Car loan work?

Bank of Baroda gives car loans at desirable interest rates based on your eligibility criteria for a car loan and the amount you borrow as a loan and the loan period that you choose. Any salaried or self-employed borrower between the ages of 21-58 years with a decent credit score, a constant occupation, and a firm income is qualified to apply for a Yes Bank car loan.

✅ How to Check Car Loan status in Bank of Baroda?

You can check your car loan status in the Bank of Baroda by visiting the nearest branch or by checking the bank’s website.

✅ What is the maximum loan amount that I can avail of on a car loan from the Bank of Baroda?

N/A

✅ What is the loan tenure of the Bank of Baroda Car loan?

The loan tenure of the Bank of Baroda ranges from 1 year to 7 years.

✅ Can I get a 100% Car loan from the Bank of Baroda? 

100% loan amount will be provided on the on-road price of the vehicle for selected models. It offers the most competitive rates in the industry. In addition, there will be multiple repayment options available.

✅ Can you prepayment your Bank of Baroda Car Loan?

You can prepay/foreclose your Bank of Baroda Car Loan at a charge of 5% of the outstanding principal amount.

✅ Does Bank of Baroda Car Loan charge any Processing Fees?

Bank of Baroda charges a processing fee of Up to 0.40% Only.

✅ Can I get a Bank of Baroda Car Loan if I have a low Credit score? 

Bank of Baroda Car Loan requires you to have a good credit score of 700 or above. However, the loan application may be approved in some cases if the credit score is below 700.

✅ What can you keep as Security with the Bank of Baroda to get a Car Loan?

You do not need any other security other than the car itself to get a Bank of Baroda Car Loan.

✅ What is the Canara Bank Car Loan Customer Care Number?

The customer care number of Canara Bank for car loan queries is  9878981144

 What is the Bank of Baroda Car Loan closure procedure?

  • Just go to the bank with the documents required for a car loan.
  • Write a letter for pre-closure of the Bank of Baroda Car Loan account.
  • Pay the pre-closure charges as per Bank of Baroda Car Loan.

✅ What is the Bank of Baroda Car Loan preclosure charges?

Bank of Baroda Car Loan preclosure charges are zero.

✅ What is the Bank of Baroda Car Loan maximum tenure?

The Bank of Baroda Car Loan maximum tenure is 7 years.

✅ What is the Bank of Baroda Car Loan minimum tenure?

The Bank of Baroda Car Loan minimum tenure is 1 year.

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