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    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.

    Bank of Baroda Car Loan

    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)

    Other Details

    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
    • Minimum age of the borrower – 21 years
    • Minimum age of the co-applicant – 18 years
    • Maximum age - Applicant/co-applicant/guarantor’s age + repayment period must not be more than 70 years
    Bank of Baroda Car Loan Interest Rates
    Bank of Baroda Car Loan Interest Rates

    Factors Affecting Bank of Baroda Car Loan Interest Rates

    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:

    1. Income-to-Debt Ratio – This is one of the most important factors that lenders take into consideration while offering car loans to applicants. It basically indicates the amount of money that you owe to other entities. It is always advisable to maintain a low income-to-debt ratio as it denotes your capacity of making EMI payments every month. It also increases your lender’s faith in you. The EMIs should not be more than 50% of your monthly salary.
    2. Credit Score – Lenders always consider the credit score of the loan applicant. With respect to car loans, it plays a vital role in closing the deal. The parameter of credit score is essentially an indication of your credibility, a proof that you have cleared all debts in the past successfully, without any delays. Your chances of loan approval increase with a better credit score. It is typically recommended to have a score of 725 and above.
    3. Applicant’s Income – Apart from the credit score and income-to-debt ratio of the applicant, lenders also check their income and occupation type while lending money. A steady income and occupation are indicators of your ability to pay off the loan in a timely manner. You are less likely to default on the payments of your car loan if you are a steady earner.
    4. Loan Tenure – Longer the tenure of your loan, lower will be the rate of interest. However, you have to take into consideration that a longer tenure means paying EMIs over a long period of time. It can be difficult choosing an appropriate loan tenure for your car loan. This is the reason why it is recommended to compute the EMI of your loan. Compute the interest payment for the selected loan tenure and choose the one in which your total payment of interest is less.
    5. Vehicle’s Age – In a car loan, the vehicle being financed is used as security/collateral. This is the reason why banks and other lenders take the condition of the vehicle into consideration while deciding the rate of interest. It is important to take into consideration that modern vehicles from reputable manufacturers typically have a high resale value.

    FAQs

    1. What is the total loan financing offered by Bank of Baroda?

      2. 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.

    2. How is the rate of interest on Bank of Baroda car loans calculated?

      3. 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.

    3. Do I have to make a down payment for the car loan?

      4. No. You can receive up to 90% financing on your vehicle’s on-road price with the car loan offered by Bank of Baroda.

    4. Who are eligible for Bank of Baroda’s car loan?

      5. The following entities are eligible to borrow a car loan from Bank of Baroda:

      • Salaried professionals
      • Businessmen, farmers, and professionals (self-employed individuals)
      • Directors of Public and Private Limited Companies, Partners of Partnership Firms, and Proprietors of Proprietorship Firms.
      • PIOs and NRIs
      • Corporates
    5. Does the car loan come with an insurance cover?

      6. Bank of Baroda provides comprehensive insurance of the car with the Bank’s Clause.

    News About Bank of Baroda (BOB) Car Loan Interest Rates

    • Volkswagon to end Beetle production in 2019

      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 911 GT2 RS Makes Indian Debut With First Unit Sold in Bangalore

      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

    • New car insurance set to become expensive starting September 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 expands reach of Ecstar products

      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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