6 June 2019 – RBI reduces repo rate to 5.75% by 25 bps
Bank of Baroda car loan interest rates for new car loans begin at 8.85%. You can finance up to 90% of the on-road price of the car using BOB’s car loan scheme and repay it over a period of 7 years.
| Features | New Car Loan Scheme |
|---|---|
|
Interest Rates |
8.85% |
|
Repayment Period |
Maximum – 84 months |
|
Processing Fee |
0.50% of total loan amount subject to min of Rs.2,500 and max of Rs.10,000 |
|
Loan Amount |
Up to Rs.1 crore |
|
Lowest EMI per lakh |
Rs.808 (At 8.85% interest rate for a 7-year tenure) |
|
Pre-Closure Charges |
Nil |
|
Security/Collateral |
Hypothecation of the car financed |
|
Credit score |
Minimum CIBIL score required – 725 |
|
Margin Amount |
10% margin of ‘on-road’ price of the car |
|
Age Limit |
|
The rate of interest for new car loans at Bank of Baroda is 8.85%. You will be charged a particular rate of interest which, in turn, will be dependent on various factors. These factors have been mentioned below:
Bank of Baroda provides up to 90% auto loan financing on the on-road price of the vehicle that you want to purchase. However, a maximum loan amount of Rs.100 lakh can be sanctioned for private use cars/vehicles.
The rate of interest on these car loans is computed on the daily reducing balance and is typically determined by the credit score of the loan applicant. The applicant is required to have a minimum score of 725 to be eligible for Bank of Baroda Car Loan.
No. You can receive up to 90% financing on your vehicle’s on-road price with the car loan offered by Bank of Baroda.
The following entities are eligible to borrow a car loan from Bank of Baroda:
Bank of Baroda provides comprehensive insurance of the car with the Bank’s Clause.
Volkswagon announced that it would end production of its iconic Beetle in 2019. This would mark the end of an era that dates back to the 1960s, preparing the way for the future in electric cars.
Popularly known as ‘the bug’ in the 1970s, the Beetle was discontinued in the US in 1979, only to be relaunched as the ‘New Beetle’ in 1998. Since then, Volkswagon has sold more than 500,000 Beetles.
The end of the Beetle was announced by the CEO and President of the North American region of Volkswagon, Hinrich Woebcken. The company would focus on the environmentally conscious demographic with its range of electric cars. The company also intends to launch an electric vehicle similar to its I.D. Buzz, which was a prototype of the microbus.
25 September 2018
Porsche has introduced its fastest and latest road-regal 911 product, the 911 GT2 RS, in India and the first unit of this car has been sold in Bangalore through the Porsche Centre located in the city. The car was bought by a businessman based in Bangalore, Mr. Boopesh Reddy. The new Porsche 911 GT2 RS features the Weissach package offered by the company, making it lighter by 30 kgs from the already lightweight standard model. This package also includes a pair of 20-inch 7-spoke magnesium wheels at the front end and a pair of 21-inch 7-spoke magnesium wheels at the rear with a White Gold colour scheme. Furthermore, Mr. Reddy has also made a few custom changes to the car’s aesthetics before it was delivered. Unveiled at the Goodwood Festival of Speed 2017, the ex-showroom price of the Porsche 911 GT2 RS in Delhi is Rs.3.88 crore. Since this car is extremely exclusive, the company has decided to allocate a limited number of units for India.
Based on the 991.2 Porsche 911 Turbo S, the GT2 RS comes equipped with a 3.8-litre flat-six engine that is capable of generating a peak torque of 750 Nm and a maximum power of 700 bhp. Enabling instantaneous shifts, the high-revving engine mounted in the rear of the car is mated to a renowned 7-speed PDK (Porsche Doppelkupplung) automatic transmission. Offering a top speed of 340 kmph, the Porsche 911 GT2 RS is capable of attaining a speed from 0-100 kmph in just 2.8 seconds. The Weissach package of the car includes several lightweight components along with a number of cosmetic features such as a titanium roll cage, carbon fibre roof and bonnet, and six-point harness. Additionally, the car also sports numerous carbon and Alcantara details on the inside along with a large decal on the wing/spoiler that says ‘PORSCHE’. The Porsche 911 GT2 RS continues to be one of the best modern cars available across markets till date. The dealership in Bangalore was also the first to sell a Porsche 991.2 911 GT3 with a manual gearbox in the country.
20 August 2018
All new vehicles including four wheelers have to now be sold with a third-party insurance that should be valid for up to three years for all vehicles that are sold after 1 September 2018, the Supreme Court of India has ordered. The current new car insurance has a third-party cover of one year, so this move is expected to result in a hike in the insurance prices. The main reason behind this change is that most of the buyers tend to not renew their insurance policies after the completion of one year. Out of the 18 crore vehicles that have been registered in India, more than 6 crore of them do not have a valid insurance cover. Since even the third-party cover is not renewed, this called for a change in the law. The third party insurance offers cover for anyone other than the driver or the passengers in the vehicle. Vehicles running without even the third-party insurance will put the people in a spot of bother as they will not receive any sort of compensation in the case of a mishap. It is yet to be seen if insurance companies offer the third-party premium for three years as part of one-year insurance or bill it separately. If the insurance companies start to offer the three-year cover for the new cars, it will result in an increase in new car prices.
26 July 2018
Maruti Suzuki, India’s largest car maker has now expanded the reach of Ecstar products. Ecstar deals with coolants, lubricants and other car care products. The company has now introduced this range at 3,400 workshops that come under its Arena network. Maruti Suzuki India launched the Ecstar at workshops that come under their premium outlets, NEXA in the month of september last year. Expansion of the Ecstar product is a step towards the company’s idea to focus on improving the quality of the maintenance provided while working to improve the quality of the products. The company is planning to launch a new engine oil OW16 in their Ecstar brand. The oil is expected to help reduce friction which will lead to reduction of CO2 emissions and improve fuel efficiency. All the future Maruti Suzuki vehicles coming with a petrol engine will have the OW16 factory-filled. The Ecstar was first released in Japan in 1984 by Suzuki Motor Corporation, the parent company of Maruti Suzuki. The company said that more products of the Ecstar brand will be introduced in the country progressively.
23 July 2018
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