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Bank of Baroda Car Loans

Get quick & easy Car Loans from Bank of Baroda.

Bank of Baroda Car Loan Interest Rates

Bank of Baroda Car Loans at low interest rates.

Bank of Baroda Car Loan Comparison

Compare interest rates & calculate EMI for Bank of Baroda Car loans.
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Bank Of Baroda Car Loan

salaried self employed

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Bank Of Baroda Car Loan Overview

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Bank Of Baroda Car Loan Bank of Baroda Car Loan Deals

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 BOB for your financial requirements. Check your Eligibility Now!

Fill the form above and check your car loan eligibility instantly and get e-approved in minutes.

Benefits of Bank of Baroda Car Loans:
  • Loans available up to Rs 100 Lacs for any car make/model (Inclusive of Gas-Kit).
  • Loans can be availed for new and second-hand vehicles (Not more than 3 years old).
  • Repayment period as long as 7 years.
  • Low interest rates.

Bank Of Baroda Car Loan FAQs

  1. Can I get 100% financing for my car?
    It is possible but most banks do not offer such an option. Those banks which offer 100% financing will do so subject to certain terms and conditions and reserved only for certain makes and models of cars. These aspects are based on the discretion of the bank. This is applicable only for new cars.

  2. Can you specify the borrowing range for a Bank of Baroda car loan?
    The borrowing range varies across different financial institutions and also takes into account the applicant’s credit profile. However, the minimum amount for a Bank of Baroda car loan is Rs.1 L and the maximum depends on the income and other credit profile details of the applicant. It also depends on the cost of the car. Some banks offer around 3 times the annual salary of the applicant in case of a salaried individual and around 6 times the annual income in the case of self employed professionals.

  3. How do I calculate the amount of money I should borrow for my car loan?
    You need to calculate the amount of money required based on:
    • Cost of the car based on make, model and colour.
    • Amount and type of insurance cover you wish to opt for. (Only a few banks cover the insurance)
    • The kind of car accessories you wish to purchase for your car etc. (Please note that most banks will not fund you for accessories).
    • Down payment for the car, which you will be paying upfront based on which you can calculate the remainder of the loan amount needed.
    • Percentage of financing available for the car depending on the make and model. This aspect varies according to the lender/bank’s discretion. Some banks offer up to 90% financing for new cars.
    • A few other banks may offer loans for second hand cars as well and the amount of financing they are willing to offer again largely depends on the car’s resale value and differs across banks/lending institutions.
  4. Do I need a loan guarantor?
    No, a personal guarantor is not usually required for your Bank of Baroda car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.

  5. What are the Bank of Baroda car loan tenure options?
    The Bank of Baroda car loan tenure is upto 7 years.

  6. If my income and budget does not support a particular loan amount, then can I opt for a joint loan with someone else?
    Of course you can. You can club the income of your spouse or a parent and take a loan based on the combined income. In this case, the spouse or parent becomes the co-applicant of the loan.

  7. Will it be hard for me to get a Bank of Baroda car loan if this loan is my first?
    If you have no past credit record based on your new loan, a new credit record will be created. Your eligibility will then be calculated based on your income, place of employment etc.

  8. How do I compare loan offers from different banks?
    You need to consider the total loan cost or total money outgo in the case of each offer. This is because even if the EMI is a little lower with one bank, you must also account for other factors like processing fees, advance EMIs, service charges and other bank charges to arrive at a decision on the best and most cost effective loan offer. Search BankBazaar.com for the best loan offer. Here, we display loan costs in a transparent and easy to compare manner based on your eligibility.

  9. When can I prepay the loan? Is part prepayment possible?
    Yes, you can prepay your Bank of Baroda Car loan.

  10. Can I opt to sell my car before my loan repayment ends?
    This is not possible as you have pledged your car as security for the loan. If you must do so, then you will need to obtain an NOC (No Objection Certificate) from the bank.

  11. Can I prepay my Bank of Baroda car loan?
    Yes, you can prepay your Bank of Baroda car loan. However banks charge a prepayment penalty charge for this. Make sure the interest rate savings makes sense after you factor in the prepayment penalty charge.

  12. What happens after I complete the repayment of my loan?
    When the last EMI has been paid the bank’s legal claim to the car ceases to exist. The bank will issue a Form 35 along with an NOC to the RTO canceling the bank’s name from the RC book. The same process is followed for your insurance policy as well.

  13. Does BankBazaar.com charge me for its services?
    No. BankBazaar.com’s services come to you free of charge.

  14. How will the security and privacy of my data be ensured?
    BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Bank Of Baroda Car Loan Eligibility & Documentation

Bank of Baroda Car Loan Eligibility:

  • Employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates
  • The maximum loan amount is Rs. 100 Lakhs, or twice of your gross annual income if you are salaried, and thrice of it (average of last 2 years gross annual income) if you are a businessman, whichever is lower.
  • Minimum - 21 years
  • Maximum – present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others.

Bank of Baroda Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Identity proof namely a copy of the passport or PAN card or Voter’s Id or driving license.
  • Income Proof in the form of usually the latest salary slip with the latest income tax forms (Form 16 in the case of the salaried individual, ITR form in the case of a self employed individual).
  • Residence Proof in the form of a Ration card or Driving license or Voter’s ID or Passport copy or telephone bill or electricity bill or life insurance policy or PAN card.
  • A copy of the bank statements pertaining to the most recent and relevant time frame.

Bank Of Baroda Car Loan Interest RatesUpdated on 24 April 2014

Details of Bank Of Baroda Car Loan

BoB Car Loan Interest Rate.(Daily reducing balance)
10.5% floating Check Customized Interest Rates Now!
Processing Fees
Loan up to Rs.15 L - 0.75% (Max. Rs.10,000/-) Over Rs.15 L - 0.50% (Min. Rs.10,000/)
Prepayment Charges
Car Loan Tenure
1 year to 7 years for new vehicles. 1 year to 3 years for old vehicles
Car Loan Amount
Up to 80% for new vehicles and 60% for old vehicles
Guarantor Requirement
Guarantor is required

Car Loan Articles

Car Loan Forum

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