If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Bank of Baroda (BOB) Car Loan Eligibility Calculator is Rated as "Blown Away!" by 46 Users

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    Bank of Baroda (BOB) Car Loan Eligibility Calculator

    Bank of Baroda Car Loan Overview

    The car loan offered by Bank of Baroda is simple and attractive. You can get a loan for three purposes:

    • Purchase of a new four wheeler - Repay the loan in easy tenures of up to 80 months.
    • Purchase of an old four wheeler - The car should not be more than 3 years old. You can repay the loan in 36 months.
    • Installation of CNG/LPG gas kits - You can avail of this loan for both new and old vehicles. If you choose to take this loan separately, the repayment tenure cannot exceed 24 months. The loan amount sanctioned will not exceed Rs. 25,000. For used cars, the vehicle should not be more than 5 years old.

    The loans have very low processing fees. If you choose to foreclose your loan, you will not face any penalty charges. If you offer a minimum of 50% liquid collateral, you can avail of concessionary interest rates. For home loan customers with a good repayment history, you can avail of an additional concession of 25% on the interest rate.

    Salaried individuals can get loans of up to Rs. 1 crore or twice their gross annual income. Businessmen can avail of loans up to thrice their gross annual income over the past 2 years. You can also avail of loans to install CNG/LPG gas kits in new or old four wheelers together with your car loan or separately.

    Apply for Car Loan Online

    Bank of Baroda Car Loan Eligibility

    In order to avail of a car loan from Bank of Baroda, you should fit the criteria set out by the bank.

    • You should be at least 21 years of age.
    • You should complete repaying the loan by the time you retire.
    • In case, retirement is not applicable to you, the maximum age at the end of the loan tenure should not exceed 65 years.

    Factors affecting Bank of Baroda Car Loan Eligibility

    When you apply for a car loan, a few factors come into play that will affect your eligibility.

    Age - Every bank has an age bar within which they will provide you a loan. Bank of Baroda requires you to be at least 21 years old. The bank also needs to be safe with the maximum age limit. They restrict the maximum age for salaried individuals to the retirement age. For business people, it is set at 65 years. By this maximum age limit, you should complete repaying the loan.

    Income - Your income will determine how much of a loan you are eligible for. For instance, if you are earning a gross annual income of Rs. 6 lakhs, you can get a car loan from Bank of Baroda of Rs. 12 lakhs. The maximum loan amount is capped at Rs. 1 crore. For business people, the average of the past 2 years’ gross annual income is taken into account, and customers can avail of thrice that income.

    Credit Score - Credit scores have become all-important in the banking world today. Before banks can lend you money, they need to know you’re a worthy customer. So banks inquire about your CIBIL score to see what kind of credit consumer you have been in the past. A low score can affect your car loan eligibility because it may lead banks to think that you are not credible.

    Prior debt

    Debt-to-income ratio is also important when it comes to taking out loans. If you currently have other debt such as credit cards, personal loans, home loans and the like, your debt-to-income ratio will be high. Banks will lend you only so much that they feel you will be able to pay back. Usually the EMIs you have to pay should not exceed 40-50% of your salary.

    How does CIBIL scores affect your Bank of Baroda Eligibility?

    CIBIL scores are determined by a number of instances that are committed by you when you take out loans. Your credit card spending and repayment patterns, loan repayments, amount of unsecured debt, defaults on payments, late payments are all taken into account. Repaying EMIs on time drives your score up. Paying credit card bills in full also works in favor for a good credit score. On the other hand, defaults and late payments can take away points and result in a lower score. Good scores gives bank’s a good impression of you, and the process of your loan will be smoother, quicker and easier.

    How to increase your Bank of Baroda Car loan eligibility?

    To secure a Bank of Baroda Car Loan and buy the car you need, you need to meet the eligibility requirements. If you find that you are not eligible or the loan amount is not enough, there are ways to change that.

    • Clear off any current debt you might be holding. Try as much as you can to clear credit cards or other loan EMIs. This will drastically improve your debt-to-income ratio.
    • If your credit score is low, purchase your score on the CIBIL website and find out the reasons. Try to get them rectified or make changes in your credit patterns to fix it.
    • Add your spouse or immediate family’s income to increase your eligibility. They will be a co-borrower of the loan. Your immediate family includes your parents, siblings, and children.
    • Offering a higher down payment will also add to your eligibility criteria. The terms and conditions of your loan will also be more favourable.

    Bank of Baroda Car loan eligibility calculator

    Before you apply for a Bank of Baroda Car Loan, you can check to see if you are eligible using a calculator that is available online. Eligibility calculators help you make your loan process easy from the get go. These calculators need a few details to generate your results. Input details such as your income, age, the car you want, the loan amount you need and you will find out if you are eligible for it. Some calculators will tell you how much of finance you qualify for. Use a Bank of Baroda Car loan eligibility calculator to find out if you can get a car loan to buy the car of your dreams.

    Car Loan Reviews

    • Bank of Baroda Car Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda has also given me the benefit of the car loan. They have contacted me on time and informed me the details. They were proactive in the process and I got the loan as needed. I also got a decent deal on the interest rate and processing fee.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 08, 2017
    • Bank of Baroda Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Within two days Bank of Baroda have processed my car loan request it was very fast process. Even I am surprised about their procedure. BOB service is also excellent, somewhat interest rate is higher. I purchased the Swift dezire, loan amount Rs. 6lakhs for the tenure seven years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2017
    • Bank of Baroda Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      It is a excellent service from BANK OF BARODA for my car loan service ,customer service and representatives were very helpful and responsible in responding ,I can say the overall service is excellent from BANK OF BARODA . I don't have any issue till now.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 10, 2017
    • Bank of Baroda Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The customer service is not up to the mark from bank of Baroda . I have visited the bank branch to process the documentation. The verification has been done in a very good way. Within 3 days of time, I got the loan from bank of Baroda. This loan has the tenure of 7years. The rate of interest is nominal with bank of Baroda.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 09, 2017
    • Bank of Baroda Car Loan
      "Poor service"
      0.5 2.0/5 "Expected more"
      I have checked the car loan process with Bank of Baroda , but the executives told that they will get back to me but they haven't gave any response in regards to my car loan application. The service part need to be improved with Bank of Baroda. The customer service also need to be improved.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 08, 2017
    • Bank of Baroda Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with bank of Baroda for very low interest rate , because I am staff at bank of Baroda. The customer service was good with Bank Of Baroda ., they have disbursed my loan immediately after the approval. I would say I got very good service from bank of Baroda.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 31, 2017
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank Of Baroda has done well in the process of the car loan. The customer services and response from them was good and the process was very much smooth and hassle free ,loan amount was 3 laks and ROI is 8.5% and EMI is around 4500 for 7 years they dint ask much of documents also it was normal.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 01, 2017
    • Bank of Baroda Car Loan
      "Friendly Manager"
      0.5 5.0/5 "Blown Away!"
      Three years ago, I had taken the car loan from Bank of Baroda. The tenure is 60 months and the emi would be 12,500. I am done with 32 EMIs. Till date there is no default in my payment. The bank manager was very friendly, he guided me in a proper way and supported a lot. They proper used to send notifications via message and letters.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Bank of Baroda Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      Bank Of Baroda has done well in the process of the car loan. The customer services and response from them was good and the process was very much smooth and hassle free.Bank executives came and collected all my documents,loan amount was 5 laks and ROI is 8.85% and EMI is around 5k for 7 years they dint ask much of documents also.
      Was this review helpful? 0
      , surat
      Reviewed on May 21, 2017
    • Bank of Baroda Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I had taken my car loan from Bank of Baroda and the process was good. I am happy about the services from the branch which is near to my location. They offered me a good deal of 8.8% on the interest rate and the processing charges was normal too. It was a nice experience overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 09, 2017
    • Bank of Baroda Car Loan
      "Helpful and excellent service"
      0.5 4.0/5 "Great!"
      Bank of baroda just took 24 hours to disburse my car loan. I can say I got the lowest interest rate in the market of 8.85%. The response the follow up was very good and prompt. This bank of baroda service can be recommended to the people in the market.
      Was this review helpful? 0
      , bharuch
      Reviewed on Apr 08, 2017
    • Bank of Baroda Car Loan
      "Good in interest rate"
      0.5 5.0/5 "Blown Away!"
      Interest rate is lesser with Bank of Baroda for car loan than the HDFC Bank. And the processing fee was two thousand rupees. The customer service of BOB was very much helpful throughout the car loan process and there was no hassles with them to get car loan.
      Was this review helpful? 0
      , anantapur
      Reviewed on Apr 04, 2017
    • Bank of Baroda Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have applied for my car loan with Bank of Baroda and they are offering me a interest rate of 8.25 to 8.5%. It is much lesser than HDFC Bank and the processing charges are nominal too. The process is on and it would be better if it more quicker to complete it.
      Was this review helpful? 0
      , roorkee
      Reviewed on Mar 14, 2017
    • Bank of Baroda Car Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      My car loan was from Bank of Baroda. The documentation was a bit difficult, they are good in customer satisfaction and they also are very reasonable on the rate of interest and processing charges. I have taken this loan four years now and the after loan services has also been up to the mark.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 10, 2016
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda is giving a very good service to the customer . I have taken two times car loan from them . They use to charge 9.7% interest rate and they have fixed processing fee of Rs.1000. They approve approximately 70%-80% of the loan amount.
      Was this review helpful? 1
      , orai
      Reviewed on Feb 22, 2016
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Within one and half day the car loan was approved by bank of baroda. With the dimension rate of interest of 8% . They collected the simple documents for the process.The manger was customer friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 20, 2016
    • Bank of Baroda Car Loan
      "Great!!!"
      0.5 4.0/5 "Great!"
      I took the car loan from bank of baroda through the showroom dealer in 2008. Interest rate was nearly 10.5% and there was no processing fee. I submit the documents to the showroom dealer and they took care of the internal process. We need not to worry about the process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 13, 2015
    • Bank of Baroda Car Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Bank of Baroda. The services are average. I liked the process. It took two days. The loan was also disbursed within two days. They had a zero processing fee. The part payment is also a zero fee. They also offered a reasonable rate of interest. But the drawback is that I need to open an account with the bank. For which I need to deposit 1K. It would be better if the EMI is taken from the salary account.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 05, 2015
    • Bank of Baroda Car Loan
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Its good experience with the Bank of Baroda while took the car loan. The rate of interest was around 9.8% with zero processing charges. Customer service is quite responsive. There are no drawbacks as such in my view. Foreclosure and part payments can be done at zero cost.
      Was this review helpful? 1
      , jodhpur
      Reviewed on Nov 03, 2015
    • Bank of Baroda Car Loan
      "My car loan"
      0.5 5.0/5 "Blown Away!"
      The dealer has got a tie up with BOB car loan all I did was I signed up for the paper works . I visited the branch for signing the paper works. I have not opted for ECS and I normally make the payment by cash and they have provided the loan within 4 to 5 days of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2015
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