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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  • Car Loan Reviews

    • 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.
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      , 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.
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      , 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.
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      , 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
    • Bank of Baroda Car Loan
      "best for car loan.. "
      0.5 5.0/5 "Blown Away!"
      Rate of interest is quiet lesser in BANK OF BARODA. Good for to take car loan form them. They are providing lots of facilities. No processing fees and No foreclosure charges as well as part payment. They disbursed within 24hrs and their service also good.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 14, 2015
    • Bank of Baroda Car Loan
      "Convenient service and zero charges "
      0.5 5.0/5 "Blown Away!"
      I received a excellent service provided by Bank of Baroda based on the car loan.I have submitted the documents related for this loan through the dealer.The interest rate offered was around 10.15% which is really good and they donâ??t apply any additional charges for the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 31, 2015
    • Bank of Baroda Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am a VIP Customer of Bank of Baroda. As I know the Manager there I got my work done easily for car loan. I am very much happy with the interest rate offered by them was 10% and they have waived off my processing fee. On top of that all that they offered this loan within 2 hours of time. All I did was I went to the branch I met the Manager as I hold a savings account with them. More than all, my dealer has got a tie up with the same bank and it was very much transparent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 29, 2015
    • Bank of Baroda Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I was holding BOB housing loan before 5 years the loan is closed now. The Deputy Manager who was handling my case was good and I was able to get my work done faster with the help of him. I was holding this housing loan for a period of 10 years and they have provided 90% of the loan amount. They were able to fund 80% of the loan amount without processing fee and everything else was smooth.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 29, 2015
    • Bank of Baroda Car Loan
      "Its great.."
      0.5 4.0/5 "Great!"
      I have an account of Bank of Baroda so got concession in respect to interest rate for the car loan and got it done for 9.5%. Nil processing charge and sanctioned amount was 90%. Pre closure is nil so enough to pay an outstanding amount. I took this loan for the tenure of 4 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 26, 2015
    • Bank of Baroda Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda car loan process was fine. Customer service offered by them as fine. Dealer has got a tie up with them. There was no response from them and I did not get any mailers form them for payment and for the payment acknowledgement as well. I have been holding this car loan for 1.5 years. I have not got any discount on the interest rate and processing fee.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 21, 2015
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    Bank of Baroda (BOB) Car Loan Interest Rates is Rated as "Blown Away!" by 40 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Overview About Bank of Baroda Car Loan

    Headquartered in Vadodara, Gujarat, Bank of Baroda is one of the largest banks in the country and was founded in 1908. Bank of Baroda has over a 100 offices all over the world and offers various financial services to individuals and corporates.

    Affordable car loans are provided by Bank of Baroda for those looking to own their dream car. These loans are easy to procure, offer flexible tenures at competitive interest rates and do not require extensive documentation.


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    Bank of Baroda Car Loan Interest Rates 2017

    Bank of Baroda offers loans that are designed to suit the needs of individuals and corporates looking to buy a car to suit their needs and requirements. Bank of Baroda finances a variety of cars and offers loans of up to Rs. 100 lakhs along with a maximum repayment tenure of 7 years. Apart from this, an additional unique facility offered is the installation of LPG/CNG gas kit for cars thereby enabling customers to be more environmentally conscious.

    Bank of Baroda Car Loan Interest Rates Table

    Base Rate 8.60% to 10.35%
    Rate of Interest B.R + 0.25%
    Loan Tenure A maximum of 7 years
    Loan Amount A maximum of Rs. 100 lakhs
    Margin 15%-20% on the road price of the car
    Prepayment Charge Nil

    How to calculate Interest rate on my Bank of Baroda Car Loan

    EMIs or Equated Monthly Installments is a flexible and easy way to repay car loans. These EMIs consist of both the principal amount and the interest amount and the interest portion depends on the rate of interest determined by the Bank of Baroda. Apart from this, the loan tenure also plays a significant role.

    The EMI amount that is to be paid can be calculated with a simple formula as illustrated below -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    In the above formula, E refers to the EMI, P is the principal amount, r refers to the interest rate and n is the number of years or tenure of the loan.

    For an amount of Rs. 1,00,000 at an interest rate of 9.90% along with a loan tenure of 1 year, the total payment would come up to approximately Rs. 1,04,580 and the EMI amount would be Rs. 8,715.

    The following will be the amortization table for a car loan of Rs. 5,00,000 for a period of 3 years at an interest rate of 9.90% from Bank of Baroda (starting from August 2015)

    Year Total Payment Balance Principal Portion Interest Portion
    2015 Rs. 47,935 Rs. 4,59,953 Rs. 40,047 Rs. 7,887
    2016 Rs. 1,91,740 Rs. 3,06,928 Rs. 1,53,047 Rs. 38,715
    2017 Rs. 1,91,740 Rs. 1,38,048 Rs. 1,68,880 Rs. 22,859
    2018 Rs. 1,43,805 0 Rs. 1,38,048 Rs. 5,757

    With the progression in tenure, the principal portion increases and the interest rate decreases until the loan is completely repaid.

    Factors affecting Bank of Baroda Car Loan Interest Rates

    The variables that impact the interest rates for Bank of Baroda Car Loan are essentially what drive customers looking to avail car loans. To put it simply, lower interest rates are what everyone seeks so that they can reduce their overall loan expenses. It is also important to note that there are multiple factors that affect interest rates for a Bank of Baroda Car Loan. Some of these factors are -

    • Income - one of the main criteria to be eligible for a vehicle loan in most banks is a minimum monthly income. This assures the bank of the customer’s ability to repay the loan. Customers are known to take measures like including the salary of their family members to their own to meet this income requirement, failing which the loan-application is either rejected outright or the interest rate charged is higher.
    • Tenure - Most tenures range between 12 and 84 months, though even this is subject to the bank offering it. In most cases, customers opt for longer tenures to drive down the EMI, this also means the customer ends up paying a significantly higher interest amount. Banks often view longer tenures as dicey business, and shorter tenures tend to be encouraged.
    • Debt-to-income-ratio - Customers with outstanding loans are viewed as higher financial risk by banks, because their current income is already being employed to repay these existing loans. The possibility of inconsistency in repayment of loans over time put the banks on a cautious footing while considering such customers.
    • CIBIL scores - This is a system introduced by the Credit Information Bureau of India Limited that scores a person on the basis of his/her outstanding debts, payments and loans. Banks and other financial institutions employ the CIBIL score as the standard for a person’s eligibility, and prefer providing loans to those with a high score.
    • Prior Working relationship with the bank - If the person has a healthy history with the bank, it is all the better as the Bank has knowledge of the person’s payment history hence providing loans is a lot less risky for them.

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    How CIBIL scores affect Bank of Baroda Car Loan Interest Rates

    Reflection of a person’s credit history and payment, the CIBIL score is an important factor considered by banks before deciding a person’s eligibility for procuring loans. The CIBIL TransUnion Score is provided by CIBIL or Credit Information Bureau Limited and this is generated based on the person’s credit payment history and credit scores. The CIBIL score is a 3 digit number ranging from 300 to 900 with a higher score being given greater priority. Those with a higher score stand a greater chance of receiving a positive response from the bank with respect to their loan application. Apart from this, those with a higher CIBIL score can also avail car loans at low rates of interest. Higher scores are an indicator of customers who repay their loans without hassle and are seen as low risk category. Therefore, CIBIL scores are an important factor considered by banks and financial institutions while accepting a customer’s car loan application.

    Frequently Asked Questions (FAQs) about the Bank of Baroda Car Loan Interest Rate

    • What is the Base Rate determined by Bank of Baroda?

      A base rate of 9.65% per annum is applicable on car loans as determined by Bank of Baroda.

    • What is the security required to avail a car loan from Bank of Baroda?

      The security required is as listed below -

      ~ Hypothecation of the Vehicle

      ~ RTO needs to be aware of the bank’s charge on the registration document. A certified photocopy of the RTO registration with Bank of Baroda named as financier is also required.

    • What are the unified processing charges applicable?

      Unified processing charges consists of documentation charges, processing charges, pre-sanction and one time post sanction inspection charges and document verification charges. This unified processing charge is applicable as given below -

      ~ For car loans of up to Rs. 15 lakhs - 0.75%

      ~ For car loans of more than Rs. 15 lakhs - 0.50%

    • What is the loan margin determined by Bank of Baroda?

      For loans of up to Rs. 15 lakhs, a margin of 15% on the road price of the car is applicable and if the loan amount is above Rs. 15 lakhs, then 20% on the road price of the car is charged.

    • Can applicants avail of a concession in interest rates while procuring a car loan?

      If an applicant offers a minimum of 50% liquid security as the collateral for the car loan, then he/she can avail of a concession in the interest rate. In case the applicant has already availed a home loan with Bank of Baroda and also has a good repayment history, then he/she can procure an additional concession of 0.25% on the car loan interest rate.

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