Barclays Bank Car Loan

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Barclays Bank Car Loan

Barclays Bank Car Loan Key Features – Jan 2021

Barclays Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount Loan up to 90% of On Road Price
(Loan to Value) or 100% of Ex-showroom Price
Barclays Bank car Loan Tenure 12 to 60 months
Lowest EMI / Lac ₹ 1,622
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,00,000
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).
Barclays Bank car loan Processing Fee 0.40% of the principal amount
Foreclosure Charges 6% (7-12 months)
Basic Documentation Address Proof, Bank Statement, Car Quotation and ID Proof, Experience Proof, Latest Photograph

About Barclays Bank Car Loan

Barclays is a British multinational investment bank and financial services company, that has its headquarters in London, England. Barclays Bank offers Car Loans at reasonable interest rates to any interested individual for buying a new or second-handed car. A car loan is easily available which can be availed by anyone with a good credit/CIBIL score.

Advantages of Barclays Bank Car Loan 

Barclays Bank Car Loan

Barclays Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-70 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

Barclays Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Barclays Bank car loan Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 6% 6%
Penal Interest 2% PM 2% PM
Barclays Bank car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50

Barclays Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Passport
Voter ID
Aadhar Card
Driving License
Address Proof

(Any 1)

Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof

(Any 1)

Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof

(Any 1)

PAN
Bankers Verification
Passport
Income Proof Salary Slip and latest Form No.16
Bank Statement Last 6 month Bank statement
Employment Continuity Proof Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) PAN
Bankers Verification
Passport
Bank Statement Bank statement of last 6 months
Employment Continuity Proof Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1) Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents Letter of Authority or PAN Card

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1) SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Barclays Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a Barclays Bank 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. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide 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. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Barclays Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Barclays Bank Car Loan Eligibility

The eligibility criteria for a car loan 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 Barclays Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Barclays car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Barclays Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including Barclays Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, Barclays Bank offers instant car loans to their existing customers. This allows Barclays Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Barclays Bank Car Loan Customer Care – Toll-Free Number

Barclays 24*7 customer care toll-free number all your general enquiries is +912260007888

Barclays Bank Car Loan EMI Calculator

Any interested individual can apply for the Barclays Bank Car Loan by visiting the below-mentioned address.

Car Loan EMI Calculator

Barclays Bank Car Loan Types

Barclays Bank Car Loan has many options for interested people. Some of them are:

  1. New Car Loan –  This kind of car loan provides credit to the applicant who is willing to buy a brand new car and provides a tenure of as long as seven years.
  2. Used Car Loan – With this, you can buy any used car with all necessary documents using the Barclays Bank used car loan feature with a tenure of 5 years.
  3. Loan Against Car – You can use your car as security and get a loan against it for quickly allocating essential funds.

Barclays Bank 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 Barclays Bank Car Loan?

  1. Visit Dialabank.
  2. Fill out the form that is available at the top of the page.
  3. Wait for our Relationship Manager will get in touch with you.
  4. You will be helped in comparing the different rates and choose the best way to go about the Barclays Bank Car Loan.
  5. You can get instant approval through Dialabank.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Barclays Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Barclays Bank 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 – Barclays Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Barclays Bank 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 applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Barclays Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Barclays Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Barclays Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Barclays Bank Car Loan EMI

Before you avail of a car loan from Barclays Bank, you may want to know how much amount you will be paying every 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 better.

You can 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 is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You 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. The tool will calculate the EMI and display it to you.

Barclays Bank Car Loans for Top Selling Cars

Other Available Products from Barclays Bank

Barclays Bank Two Wheeler Loan Barclays Bank LAP Barclays Bank Education Loan
Barclays Bank Car Loan Barclays Bank Home Loan Barclays Bank Business Loan

Compare Barclays Bank 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 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank 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

FAQs for Barclays Bank Car Loan

✅ What is Barclays Bank Car Loan?

Barclays Bank Car Loan is a financial product of Barclays Bank which provides Loans to the customers for purchasing a Car.

✅ How can I get a Car Loan from Barclays Bank?

You can apply for a Car Loan with Barclays Bank by directly contacting the branch or apply with Dialabank for exciting offers on a Car Loan.

✅ How does Barclays Bank Car Loan work?

Barclays Bank provides Loans to applicants willing to purchase a new car and the car is the only collateral involved in the process. Monthly EMIs are fixed with interest rates being charged on them.

✅ What is the Barclays Bank Car Loan Rates?

7.35% per annum

is the Minimum Rate of Interest charged by Barclays Bank against the loan.

✅ How to Check the Barclays Bank car loan status?

You can check your Car Loan status by directly entering your Loan details in the “Loan Status” address on Barclays Bank’s official website. Or contact your Barclays Bank car Loan Department.

✅ How to Calculate Car Loan Interest in Barclays Bank?

You can easily calculate the Interest as well as the EMI of your Loan by using Dialabank’s EMI Calculator.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Barclays Bank?

Maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom price.

✅ What is the loan tenure of Barclays Bank Car Loan?

The tenure of the Barclays Bank car Loan can go up to 60 months.

✅ Can I get a 100% Car Loan from Barclays Bank?

Yes, you can avail 100% Car Loan on the ex-showroom price of the car.

✅ How much Processing Fee is applicable on Barclays Bank Car Loan?

0.40% of the principal amount is the basic Processing Fee charged by Barclays Bank on Car Loans.

✅ What are the EMI options available on the Barclays Bank car loan?

The options available are Step-Up EMI and Balloon EMI.

✅ What are the Barclays Bank Car Loan Prepayment charges?

Up to 5% of the outstanding amount can be charged as Foreclosure Charges on Prepayment of the loan and to know the Barclays Bank car loan foreclosure process you can contact the bank.

✅ Can I get a top-up loan on my existing Barclays Bank car loan?

Yes, Barclays Bank provides an option of Top-up Loan on Barclays Bank Car Loan for existing customers.

✅ Do I need to provide a guarantor to avail myself of a car loan from Barclays Bank?

No, Barclays Bank Car Loan Doesn’t require any guarantor.

✅ How to get Barclays Bank Car Loan Statement?

Get your Barclays Bank Car Loan statement by logging in to a car loan portal or Get it directly from the branch.

✅ How to Pay Barclays Bank Car Loan Interest Online?

Pay your Barclays Bank Bank car Loan online by using Net Banking on Barclays Bank’s official website.

✅ What if I can’t pay the interest on Barclays Bank Car Loan for three months?

The Bank charges around Rs.100 + GST for each EMI not paid on time.

✅ How can I apply for EMI Moratorium on Barclays Bank Car Loan?

You can apply for EMI Moratorium by the direct link provided by the Bank through SMS or By visiting Barclays Bank Official Website.

✅ What is the number for Barclays Bank Car Loan agent?

Dialabank is the most reliable Car Loan agent in Barclays Bank so Call us at 9878981166.

✅ How to close the Barclays Bank car loan online?

You can initiate the Loan Closure procedure online but have to visit the branch to finish it.

✅ What is Barclays Bank Car Loan Customer Care Number?

Ring us at 9878981166 for any of your questions.

✅ How can I get a Barclays Bank car loan NOC online?

Follow the following steps to get your Barclays Bank car loan NOC online or to place a Barclays Bank car loan NOC request:
> Log in to Barclays Bank website with your credentials -> Customer Service -> Service Request -> Product -> Request for NOC.
OR
Visit the nearest Barclays Bank Bank Branch.

✅ What is the Barclays Bank Car Loan closure procedure?

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

✅ What are the Barclays Bank Car Loan preclosure charges?

Barclays Bank Car Loan preclosure charges are up to 5%+ GST.

✅ What is the Barclays Bank Car Loan maximum tenure?

The Barclays Bank Car Loan’s maximum tenure is  60 months.

✅ What is the Barclays Bank Car Loan minimum tenure?

The Barclays Bank Car Loan minimum tenure is 12 months.

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