Bank of Baroda is an Indian state-owned banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second-largest bank in India, after State Bank of India, and offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialised subsidiaries and affiliates. Bank of Baroda offers a wide range of retail loans to meet your diverse needs. Whether the need is for a new house, child's education, purchase of a new car or home appliances, their unique and need specific loans will enable you to convert your dreams to realities. The Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste. Bank of Baroda also presents a unique add on facility for installation of CNG / LPG gas-kit in new/old (not more than 3 years) four wheeler. Save money. Save earth. Convert to alternative fuel today and bank on them for your financial requirements. Continue reading to view more details about this loan.
You’re probably eligible for an Bank of Baroda Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Bank of Baroda Car Loan amount eligibility is based on these factors
Earn more than the minimum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Increase your eligible Bank of Baroda Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for an Bank of Baroda Car Loan
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Bank of Baroda Car Loan Interest RatesUpdated on 09 Feb 2016
|Interest Rate (Monthly reducing balance)|| BR + 0.25%
I-Base – 9.65%
|Loan Tenure||1 year to 7 years|
|Pre Closure Charges||Zero Prepayment|
Bank of Baroda Overview
Started in 1908 as a small financial enterprise, the Baroda Sun identified with the logo of Bank of Baroda has risen to be one of the leading international banking institutions. Bank of Baroda’s story of growth has been one with corporate vision, keen governance and financial prudence. Bank of Baroda has been a harbinger of social change, efficiently catering to their clientele with innovative solutions and always being a constant partner providing assistance for their different financial needs. Bank of Baroda now offers a wide range of products to its large customer base with exciting benefits and advantages. Bank of Baroda car loans are widely sought out by customers for their low charges, additional concessions and exciting discounts.
Why choose a Bank of Baroda Car Loan?
Bank of Baroda car loans are a natural choice for customers seeking a car loan for their new cars . Bank of Baroda offers flexible repayment options, concessions on interest rates and the lowest processing fee in the industry. A Bank of Baroda car loan also has a unique feature provided to customers for installation of CNG-LPG gas kits in new cars.
- Unified processing charges are levied on BoB car loans which include documentation charges, processing charges, inspection charges and document verification charges. For loan amounts up to Rs 15 lakhs, a processing fee of 0.75% of the loan amount is charged, with a minimum being Rs 10,000/-. For loan amounts above Rs 15 lakhs, a processing fee of 0.50% of the amount is imposed, with a minimum being Rs 10,000/-. Service taxes will also be levied in addition to the processing fees but will be collected separately.
- A borrower looking to pre close his Bank of Baroda car loan can easily do so without paying a penny more, as the bank does charge any pre closure penalty.
- The maximum loan amount sanctioned by Bank of Baroda is up to Rs 100 lakhs for all makes and models of cars. For salaried employees, the loan amount approved is generally twice the gross annual income. Loan amounts sanctioned for businessmen are calculated as an average of the last two year’s gross annual income or just three times the gross annual income, whichever is lower.
- Customers can take Bank of Baroda car loans with repayment tenures up to 84 months.
- For installation of CNG-LPG gas kits, a borrower can take a maximum loan up to 0.25 lakhs and the repayment period can be extended up to 24 months.
- Bank of Baroda provides car loans with margins up to 15% of the on road price of the new car for loan amounts up to Rs 15 lakhs. Customers availing car loans for more than Rs 15 lakhs are given a loan margin of 20% of the on road price of the car.
- Bank of Baroda charges a heavy penalty on borrowers failing to pay their monthly installments or if there is any irregularity in payments. Generally for Bank of Baroda car loans a penal interest of 2% over the regular rate of interest is levied on the customer.
- The borrower has to also bear other miscellaneous charges levied by the bank like stamp duty for documents, varied registration charges pertaining to different Indian states and other expenses for the car loan.
- Bank of Baroda follows a policy of inspection of the vehicle for which the loan is availed, before and after the sanctioning of the car loan.
- Hypothecation of a new vehicle is required as security for BoB car loans. Additionally, the bank will keep a copy of the RTO registration document mentioning Bank of Baroda as the financier.
- Borrowers also need to take a car insurance policy along with their Bank of Baroda car loans for their new cars.
- After sanctioning the car loan, Bank of Baroda will directly disburse the loan to the car dealer by issuing a banker’s cheque or a demand draft.
Bank of Baroda provides car loans with floating interest rates which is calculated on a daily reducing basis. The interest rate charged is 0.25% on the current base rate of the bank. Bank of Baroda currently charges an interest rate of 10.50% per annum irrespective of the loan tenure. BoB also gives concessions on interest rates to customers offering a minimum of 50% liquid security as collateral. Existing Bank of Baroda home loan customers would also get a concession of 0.25% in interest rates while applying for a new car loan. This is subject to the individual have regular repayment patterns indicating a good credit history. In cases where concessions are applied, the minimum rate applicable would be the base rate of the bank. Bank of Baroda car loan interest rates are constantly revised based on the market fluctuations.
Under the employment criteria, businessmen, salaried professionals, proprietors or partners in firms, Government employees, High Net Worth individuals and corporate companies qualify as applicants for taking a Bank of Baroda car loan.
With respect to the age of an individual, an applicant should be 21 years and above. The maximum age for availing a Bank of Baroda car loan is calculated based on the present age and the repayment period for a salaried professional, with the total not exceeding the stipulated retirement age. For all other types of applicants, the maximum age to avail a car loan is 65 years.
BankBazaar’s EMI calculator is designed to calculate the monthly EMI to be paid by a borrower in a matter of seconds. The main menu on the BankBazaar home page has the finance tools option which contains the EMI calculator. Applicants have to follow a simple process to get their monthly EMI amounts for their Bank of Baroda car loans.
- Applicants should select the ‘Finance Tools’ drop down menu on the BankBazaar home page, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the EMI calculator page.
- Two sets of separate ruler scales are available on the calculator page donating the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by Bank of Baroda customers.
- Individuals need to enter certain details to calculate the Car Loan EMI to be paid for a Bank of Baroda car loan. First the required loan amount has to be entered along with the tenure of the Bank of Baroda car loan taken. The pre-populated values can be changed to suit the customer’s details.
- Then the interest rate charged by Bank of Baroda for car loans has to be entered along with the processing fee charged for Bank of Baroda car loans. The default value is already populated in the field and can be changed if necessary.
- Clicking on ‘calculate’ will give a customer details of his Bank of Baroda car loan EMI payments along with the breakup of the total interest that will be due.
Customers facing any navigational hiccups on these EMI calculator pages can easily contact the customer care team at 91 44 6651800 and they would be glad to help out with all types of issues.
Where can applicants check their Bank of Baroda car loan status?
Applicants can check their Bank of Baroda car loan status on the Bank of Baroda web portal.
Is the Bank of Baroda Car loan application form available online?
Customers can apply for Bank of Baroda car loans using the Bankbazaar website and the car loan application form is also available on the Bank of Baroda website.
Can Bank of Baroda car loan statements be viewed online?
Yes, customers do have the option of viewing their Bank of Baroda car loan statements online using the Bank of Baroda web page.
What are the Bank of Baroda car loan prepayment charges that will be levied on a customer?
Bank of Baroda does not levy any prepayment charges for fore closure of car loans at any point of the loan tenure.
Can a BoB car loan be sanctioned only for the installation of a CNG-LPG gas kit?
Yes, Bank of Baroda specifically sanctions loan amounts for installation of CNG-LPG gas kits up to 0.25 lakhs.
How can customers contact the customer care for more details on Bank of Baroda car loans?
Customers can contact our friendly customer care help desk at 91 44 6651800 and they will be glad to help out with any queries regarding Bank of Baroda car loans.