• Bank of Baroda (BOB) Car Loan Interest Rates @ 7.35%

    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

    7.35%

    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

    Other Details

    Pre-Closure Charges

    Nil

    Security/Collateral

    Hypothecation of the car financed

    Credit score

    Minimum CIBIL score required – 701

    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

    Published On : 2021-06-11

    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 701 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

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