If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Bank Of Baroda Car Loan

    Bank of Baroda Car Loan
     4.5 / 5.0   by 20 users
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    Bank of Baroda is an Indian state-owned banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second-largest bank in India, after State Bank of India, and offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialised subsidiaries and affiliates. Bank of Baroda offers a wide range of retail loans to meet your diverse needs. Whether the need is for a new house, child's education, purchase of a new car or home appliances, their unique and need specific loans will enable you to convert your dreams to realities. The Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste. Bank of Baroda also presents a unique add on facility for installation of CNG / LPG gas-kit in new/old (not more than 3 years) four wheeler. Save money. Save earth. Convert to alternative fuel today and bank on them for your financial requirements. Continue reading to view more details about this loan.


    You’re probably eligible for an Bank of Baroda Car Loan if you are

    01
    02
    03
    04
    Bank of Baroda Car Loan Minimum Age

    At least 21 years old

    Bank of Baroda Car Loan Maximum Age

    Less than 65 years old

    Bank of Baroda Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank of Baroda Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Bank of Baroda Car Loan amount eligibility is based on these factors

    01
    02
    03
    Bank of Baroda Car Loan Minimum Salary

    Earn more than the minimum
    income required

    Bank of Baroda Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Bank of Baroda Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Bank of Baroda Car Loan amount by these steps

    01
    02
    Bank of Baroda Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank of Baroda Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Bank of Baroda Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Bank of Baroda Car Loan Interest RatesUpdated on 04 Aug 2015

    Bank of Baroda Car Loan Details
    Interest Rate (Monthly reducing balance) BR + 0.25% ie., 10.15 % floating
    I-Base – 9.90%
    Processing Fees 0.50% Maximum Rs.10,000/-
    Loan Tenure 1 year to 7 years
    Pre Closure Charges Zero Prepayment

    Bank of Baroda Overview

    Started in 1908 as a small financial enterprise, the Baroda Sun identified with the logo of Bank of Baroda has risen to be one of the leading international banking institutions. Bank of Baroda’s story of growth has been one with corporate vision, keen governance and financial prudence. Bank of Baroda has been a harbinger of social change, efficiently catering to their clientele with innovative solutions and always being a constant partner providing assistance for their different financial needs. Bank of Baroda now offers a wide range of products to its large customer base with exciting benefits and advantages. Bank of Baroda car loans are widely sought out by customers for their low charges, additional concessions and exciting discounts.

    Why choose a Bank of Baroda Car Loan?

    Bank of Baroda car loans are a natural choice for customers seeking a car loan for their new cars . Bank of Baroda offers flexible repayment options, concessions on interest rates and the lowest processing fee in the industry. A Bank of Baroda car loan also has a unique feature provided to customers for installation of CNG-LPG gas kits in new cars.

    Features of a Bank of Baroda Car Loan

    • Unified processing charges are levied on BoB car loans which include documentation charges, processing charges, inspection charges and document verification charges. For loan amounts up to Rs 15 lakhs, a processing fee of 0.75% of the loan amount is charged, with a minimum being Rs 10,000/-. For loan amounts above Rs 15 lakhs, a processing fee of 0.50% of the amount is imposed, with a minimum being Rs 10,000/-. Service taxes will also be levied in addition to the processing fees but will be collected separately.
    • A borrower looking to pre close his Bank of Baroda car loan can easily do so without paying a penny more, as the bank does charge any pre closure penalty.
    • The maximum loan amount sanctioned by Bank of Baroda is up to Rs 100 lakhs for all makes and models of cars. For salaried employees, the loan amount approved is generally twice the gross annual income. Loan amounts sanctioned for businessmen are calculated as an average of the last two year’s gross annual income or just three times the gross annual income, whichever is lower.
    • Customers can take Bank of Baroda car loans with repayment tenures up to 84 months.
    • For installation of CNG-LPG gas kits, a borrower can take a maximum loan up to 0.25 lakhs and the repayment period can be extended up to 24 months.
    • Bank of Baroda provides car loans with margins up to 15% of the on road price of the new car for loan amounts up to Rs 15 lakhs. Customers availing car loans for more than Rs 15 lakhs are given a loan margin of 20% of the on road price of the car.
    • Bank of Baroda charges a heavy penalty on borrowers failing to pay their monthly installments or if there is any irregularity in payments. Generally for Bank of Baroda car loans a penal interest of 2% over the regular rate of interest is levied on the customer.
    • The borrower has to also bear other miscellaneous charges levied by the bank like stamp duty for documents, varied registration charges pertaining to different Indian states and other expenses for the car loan.
    • Bank of Baroda follows a policy of inspection of the vehicle for which the loan is availed, before and after the sanctioning of the car loan.
    • Hypothecation of a new vehicle is required as security for BoB car loans. Additionally, the bank will keep a copy of the RTO registration document mentioning Bank of Baroda as the financier.
    • Borrowers also need to take a car insurance policy along with their Bank of Baroda car loans for their new cars.
    • After sanctioning the car loan, Bank of Baroda will directly disburse the loan to the car dealer by issuing a banker’s cheque or a demand draft.

    Apply for a Bank of Baroda Car Loan on BankBazaar.com

    BankBazaar makes it easy and convenient for customers looking to avail a Bank of Baroda car loan in four quick steps. Individuals applying on the BankBazaar.com site can complete the entire application process by following the below given procedure.

    1. Applicants should access the navigational menu located at the top of the page on the Bankbazaar home page. A wide selection of loan choices opens up here. From the loan drop down menu, customers should choose car loans as their desired option. Under the car loan menu, an entire list of banks providing car loans have been listed in alphabetical order. To apply for a BoB car loan, customers must select the link which reads as Bank of Baroda car loans. This link will lead the customer on to a second webpage featuring the next steps in the application process.
    2. On the Bank of Baroda car loan webpage, applicants can find information on Bank of Baroda, verify their eligibility criteria for a BoB car loan, calculate the car loan amount eligibility , get tips to improve their eligibility and also know the required documentation to be submitted for a Bank of Baroda car loan.
    3. Customers can easily apply for a Bank of Baroda car loan on this page using the ‘Apply now’ feature after checking the required eligibility criteria.
    4. Individuals will receive an instant e-approval from Bankbazaar after the application has been submitted online. Then the application will be transferred to Bank of Baroda for further processing and a bank executive will get in touch with the customer within a short period of time. Customers can also track their applications through SMS alerts and mail.

    Bank of Baroda Car Loan Interest Rates

    Bank of Baroda provides car loans with floating interest rates which is calculated on a daily reducing basis. The interest rate charged is 0.25% on the current base rate of the bank. Bank of Baroda currently charges an interest rate of 10.50% per annum irrespective of the loan tenure. BoB also gives concessions on interest rates to customers offering a minimum of 50% liquid security as collateral. Existing Bank of Baroda home loan customers would also get a concession of 0.25% in interest rates while applying for a new car loan. This is subject to the individual have regular repayment patterns indicating a good credit history. In cases where concessions are applied, the minimum rate applicable would be the base rate of the bank. Bank of Baroda car loan interest rates are constantly revised based on the market fluctuations.

    Bank of Baroda Car Loan Eligibility

    Under the employment criteria, businessmen, salaried professionals, proprietors or partners in firms, Government employees, High Net Worth individuals and corporate companies qualify as applicants for taking a Bank of Baroda car loan.

    With respect to the age of an individual, an applicant should be 21 years and above. The maximum age for availing a Bank of Baroda car loan is calculated based on the present age and the repayment period for a salaried professional, with the total not exceeding the stipulated retirement age. For all other types of applicants, the maximum age to avail a car loan is 65 years.

    Bank of Baroda Car Loan EMI calculator

    BankBazaar’s EMI calculator is designed to calculate the monthly EMI to be paid by a borrower in a matter of seconds. The main menu on the BankBazaar home page has the finance tools option which contains the EMI calculator. Applicants have to follow a simple process to get their monthly EMI amounts for their Bank of Baroda car loans.

    1. Applicants should select the ‘Finance Tools’ drop down menu on the BankBazaar home page, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the EMI calculator page.
    2. Two sets of separate ruler scales are available on the calculator page donating the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by Bank of Baroda customers.
    3. Individuals need to enter certain details to calculate the Car Loan EMI to be paid for a Bank of Baroda car loan. First the required loan amount has to be entered along with the tenure of the Bank of Baroda car loan taken. The pre-populated values can be changed to suit the customer’s details.
    4. Then the interest rate charged by Bank of Baroda for car loans has to be entered along with the processing fee charged for Bank of Baroda car loans. The default value is already populated in the field and can be changed if necessary.
    5. Clicking on ‘calculate’ will give a customer details of his Bank of Baroda car loan EMI payments along with the breakup of the total interest that will be due.
    6. Customers facing any navigational hiccups on these EMI calculator pages can easily contact the customer care team at 91 44 6651800 and they would be glad to help out with all types of issues.

    Bank of Baroda Car Loan FAQs

    Where can applicants check their Bank of Baroda car loan status?

    Applicants can check their Bank of Baroda car loan status on the Bank of Baroda web portal.

    Is the Bank of Baroda Car loan application form available online?

    Customers can apply for Bank of Baroda car loans using the Bankbazaar website and the car loan application form is also available on the Bank of Baroda website.

    Can Bank of Baroda car loan statements be viewed online?

    Yes, customers do have the option of viewing their Bank of Baroda car loan statements online using the Bank of Baroda web page.

    What are the Bank of Baroda car loan prepayment charges that will be levied on a customer?

    Bank of Baroda does not levy any prepayment charges for fore closure of car loans at any point of the loan tenure.

    Can a BoB car loan be sanctioned only for the installation of a CNG-LPG gas kit?

    Yes, Bank of Baroda specifically sanctions loan amounts for installation of CNG-LPG gas kits up to 0.25 lakhs.

    How can customers contact the customer care for more details on Bank of Baroda car loans?

    Customers can contact our friendly customer care help desk at 91 44 6651800 and they will be glad to help out with any queries regarding Bank of Baroda car loans.

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    Bank Of Baroda Car Loan Reviews

    95 % of our customers would recommend this bank. (19 out of 20) Write Review
    Customer Reviews
    Page 1 of 1 1
    • Validated User
      (0)

      I took my car loan from Bank of Baroda. The services was average. But the process was quick. I got my loan within three days. The rate of interest was of 10.25% and I had a processing fee of .5%. I got a loan of 85% on the value of the car. They also given me a car insurance with the coverage of 49K for the 1st year. The coverage is for self and third party. It is also a zero debt insurance and there is a coverage for the engine too.

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      manoj took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (0)

      The car loan disbursement was done on the same day from Bank of Baroda when we plan to take a car. Interest rate charged was 10.25% without any processing fee. Documentation was very easy but my mistake there was mismatch in the tenure by the bank.They also informed that the we can pre closure the loan any time without any extra charges. I approached the bank directly and they gave the best service.

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      kumar took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (0)

      It was really easy for me to get a car loan with Bank of Baroda because the loan process was really fast which was done within 2hours.The documentation process and everything was simple and the interest rate offered was also really good.I have not much interacted with the customer service because it was really fast process.They applied different types of charges and I felt it was not mandatory.

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      yash took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (0)

      It was a good experience with Bank of Baroda. The interest rate offered was 10.5% given for car loan. Since I am an existing customer I dint face any issues to get my loan. Documentation process was very smooth. The processing fee has been waived off. approximately in a weeks time I got my car loan.

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      amol took a Car Loan from BANK OF BARODA Reviewed on
    • (0)

      Bank of Baroda car loan process is good. They have their own process it would be great if they reduce the number of documents which they have asked for. As they asked for IT returns for the last 3 years even for a car loan which I found really difficult. Interest rate offered by them was 10.25% which is really good. Guess the processing fee was nominal.

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      tanushri took a Car Loan from BANK OF BARODA Reviewed on
    • (0)

      Bank of Baroda car loan process is good. They have their own process it would be great if they reduce the number of documents which they have asked for. As they asked for IT returns for the last 3 years even for a car loan which I found really difficult. Interest rate offered by them was 10.25% which is really good. Guess the processing fee was nominal.

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      ghanshyam took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (0)

      Bank of Baroda car loan process is good. They have their own process it would be great if they reduce the number of documents which they have asked for. As they asked for IT returns for the last 3 years even for a car loan which I found really difficult. Interest rate offered by them was 10.25% which is really good. Guess the processing fee was nominal.

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      parthasarathi took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (0)

      Bank of baroda offered me the rate of interest of 10.5% for a car loan.As they offered me low rate of interest because I hold the fixed deposit and had long term relationship with this bank for 12 to 13 years.I got the loan disbursement within 24 hours of time itself.Its a nice experience.

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      dheeraj took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (3)

      I have taken a car loan with Bank of Baroda. They processed my loan very quickly.Rate of interest offered by them is fine. Bank of Baroda has offered me a tenure of 7 years where was other Bank does not. They have given a reducing rate of interest where as othe r Banks are offering a flat rate.

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      havish took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      It was a very good experience of availing a car loan from Bank of Baroda in the year 2013. I am not an account holder of the bank but they made it done within a week time. There was no much documentation and only two to three documents were collected from me. They were very transparent and they offered me an interest rate around 10% which is lower than that of private banks.

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      natraj took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      I had availed a car loan from Bank of Baroda in the month of Jul'2014. They were really good in terms of communication and the system of the loan process. They disbursed my loan within 3 days of time at a rate of interest of 10.5%. One thing I would like to highlight is there are no pre-closure charges at all. I was actually looking to avail the loan very quickly which was successfully done by Bank of Baroda.

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      tanmay took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      I am here to post a fair feedback about Bank of Baroda car loan, as there are some key difference between this bank and other banks. Bank of Baroda has given me the least rate of interest when compared with other Banks. I am allowed to make a lump sum payment after 6 months , which other Banks does not provide. Finally, the processing fee is nil, where as other Banks do charge some amount for processing fee.

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      meghal took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      I had a great experience of availing a car loan from Bank of Baroda last month. It was through the car dealer who made the loan process very simple. I had visited the bank only once for completing the documentation process and my loan was disbursed within 3 days of time. I am very much satisfied with the rate of interest of 10.15%.

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      tanmay took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      I have approached Bank of Baroda for the Car Loan it was very good, rate of interest is good foreclosure charges are ok, it was overall good. Customer should or must hold a Savings Account with them in order to them to take a car loan and I have nothing much to comment about them

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      yash took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      I could say Bank of Baroda was very good bank. Their Interest rates was lower for my car loan than other nationalised bank . Customer service was good and other follow ups service . No suggestions for them to improve their service. Overall good service

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      santhosh took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (3)

      Bank of Baroda did the formalities with much less number of documentation . I hardly given less documents . They are amazing customer service with car loan. Everything was quick infact I didnt have cheque books they give suggestion to give post date cheque for the car loan.

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      anshul took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (3)

      Bank of Baroda car loan is very good before he had given me the loan without its a hassle free loan my ideas he had directed me to take a loan he just visited my home and Itiitave is very good its better than the private bank no any kind of hidden charges no cheque bounces are there number of facilites are vailible there .

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      rakesh took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (2)

      Bank of Baroda was very supportive on my car loan application and successfully I have availed the loan last month. I have directly visited the branch and spoke to the bank people about the car loan. I have submitted all the documents to the branch and my loan was disbursed within 3 days. Best part is no processing fee and the rate of interest was 10.25%.

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      gaurav took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (3)

      Bank of Baroda car loan is fine and every thing is fine and I got the exact loan amount and I am happy with the interest rates and they have given options its very easy to make payment through ECS and there is no other hidden cost and I willl recommend it to my friends and relatives

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      vivek took a Car Loan from BANK OF BARODA Reviewed on
    • Validated User
      (6)

      Last month I have availed a car loan from Bank of Baroda. The rate of interest was just 10.5% which was very less when compared to other banks in the market. Part payments can be made without any charges. Pre-closure charges are also nil. All my current accounts are also with Bank of Baroda.

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      anju took a Car Loan from BANK OF BARODA Reviewed on
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