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, 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 to NRI customers for installation of a CNG or LPG gas kit in a new/old (not more than 3 years old) 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.
At least 21 years old
Less than 65 years old
Salaried or self employed
with regular income
Earning more than the minimum
Earning more than the minimum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate||8.60% to 10.35%|
|Processing Fees||Rs.2500 to Rs.10000|
|Loan Tenure||7 years|
|Pre Closure Charges||4% of Principal outstanding within 6 months, after 6 months – Nil|
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.
With presence in 25 countries, Bank of Baroda currently serves 69 million customers through 5558 branches including 1166 branches in Indian metro cities and 107 overseas branches as on 30 September 2017. The bank also has 74 regional offices and 13 zonal branches in order to serve its customers better. BoB is associated with 2 banks in Zambia and Malaysia, and has subsidiary branches in Botswana, Kenya, Uganda, Guyana, New Zealand, Tanzania, Trinidad & Tobago, and Ghana. In the Indian subcontinent, the bank has 4 subsidiaries, 3 joint ventures, and is associated with Baroda Pioneer Asset Management Company Ltd., Baroda Rajasthan Gramin Bank, Baroda Gujarat Gramin Bank, and Baroda Uttar Pradesh Gramin Bank.
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 NRI customers for installation of CNG-LPG gas kits in new cars.
Bank of Baroda Car Loan Interest Rates
The bank periodically publishes interest rates for car loans on basis of MCLR (Marginal Cost Based Lending Rate) as mandated by the RBI. The rate is also determined by the risk rating of the applicant.Bank of Baroda Marginal Cost Based Lending Rate (MCLR) for New Borrowers
|Benchmark MCLR rate||8.15%|
|Rate of interest||1-year MCLR + Strategic Premium + 0.25% to 1-year MCLR + Strategic Premium + 2.00%|
Note: The interest rate is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly. However, the above mentioned interest rates are subject to change as per the revised GST rates.
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.
Customers facing any navigational hiccups on these EMI calculator pages can easily contact the customer care team of BankBazaar at 91 44 6651800 and they would be glad to help out with all types of issues.The 24X7 toll-free customer care phone numbers of Bank of Baroda are 1800 22 33 44, 1800 258 44 55, and 1800 102 44 55. You can get in touch with the friendly and helpful representatives anytime in case you have any query.
Applicants can check their Bank of Baroda car loan status on the Bank of Baroda web portal.
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.
Yes, customers do have the option of viewing their Bank of Baroda car loan statements online using the Bank of Baroda web page.
Bank of Baroda does not levy any prepayment charges for fore closure of car loans at any point of the loan tenure.
Yes, Bank of Baroda specifically sanctions loan amounts for installation of CNG-LPG gas kits up to 0.25 lakhs.
Customers can contact our friendly customer care help desk using the following 24-hour toll-free numbers and they will be glad to help out with any queries regarding Bank of Baroda car loans.
You can also make product inquiries and complaints online on the Bank of Baroda website.
To apply for a car loan from Bank of Baroda, you will need to approach a bank branch.
You can also apply online. Select your city that you live in or is closest to you. Click on submit to go to the application form.
You can visit a branch of Bank of Baroda to get a car loan application form. You can also download the form online from the Bank of Baroda Website. On the left-hand side menu, find the tab “Application Forms”. Clicking on this will redirect you to all the bank’s forms. You can then click on Car Loans and download the form.
Bank of Baroda offers finance for any car brand and model bought for personal use. The loans are given to finance CNG/gas kits as well in old and new cars.
Yes, Bank of Baroda provides loans for used vehicles. The car should not be more than 3 years old.
Bank of Baroda offers a special loan scheme for installation of CNG or LPG kits in new and used vehicles. This loan is offered as an add-on to your car loan, and can be availed of separately.
If you choose to avail of a loan only for the installation of the CNG or LPG gas kit, you can avail of upto Rs. 25,000 maximum . New and used vehicles are eligible. Used cars should not be more than 5 years old. The repayment period for this loan is 24 months maximum.
There is no minimum loan quantum set by Bank of Baroda.
The maximum loan amount you can avail of to finance a car is Rs.100 lakh. Salaried professionals with less than Rs.50,000 gross monthly income can get a loan up to 24 times their 3 months’ average salary. For salaried employees with gross monthly salary between Rs.50,000 and Rs.1.5 lakh, the quantum of the loan can be a maximum of 30 times the average income of the previous 3 months. Individuals with gross monthly income above Rs.1.5 lakh are eligible for a maximum loan amount of 36 times the average income of the last 3 months. On the other hand, non-salaried persons can avail a loan subject to a maximum of 4 times the average gross annual income for the last 2 years.
Bank of Baroda does not specify any minimum time period for repayment.
The maximum repayment tenure is 7 years or 84 months for new vehicles. For pre-owned cars, the maximum repayment tenure is 36 months.
rrespective of the tenure, Bank of Baroda offers an interest rate within the range of 1-year MCLR + Strategic Premium + 0.25% to 1-year MCLR + Strategic Premium + 2.00%. The current MCLR is 8.15% and the Strategic Premium stands at 0.25%. The current interest rates offered by the bank is between 8.80% and 10.55%. Please check with the bank for any changes in the interest rate.
Bank of Baroda offers two concessions in interest rates.
Borrowers who offer at least 50% liquid security. The minimum interest rate will not be lower than the base rate of the bank.
For existing Home Loan Borrowers who have maintained a good repayment record, 0.25% additional discount on interest rate will be offered.
The bank charges a unified processing fee on car loans. The processing fee will include documentation charges, verification charges, pre-inspection charges and post-inspection charges.
Yes, the borrower will have to bear the following expenses.
Service tax on processing fees
Stamp duty for execution of documents
Registration charges (differs from State to State)
Other related charges/ expenses
For pre-owned cars, certificate of value and residual life of the vehicle has to be obtained by the borrower at his own expense.
While applying for a Bank of Baroda car loan, the applied margin varies according to the segment of the car selected and the income level of the borrower. However, the margin offered usually ranges between 5% and 20%.
In order to ensure that the loan can be repaid on time, an individual is eligible for a loan amount up to 60% of his or her gross monthly income.
If you default on your EMIs, or the payments become irregular, Bank of Baroda will increase your interest by 2%. This higher interest rate will be charged for the irregular amount during the defaulting period.
Yes, you are allowed to foreclose your car loan.
No, there are no applicable penalties for foreclosure or prepayment.
Bank of Baroda may inspect the car at anytime they wish. There will be a pre-inspection before sanctioning the loan. There might also be post-inspections.
Bank of Baroda requires the borrower to take comprehensive insurance on the vehicle. The premium and charges will be borne by the borrower.
For used cars, the existing insurance policy should be transferred to the borrower’s name. If there is no existing insurance, fresh insurance is required.
Yes, you can visit the Bank of Baroda website to check your loan status. Select “Track Loan Application Status” from the menu on the right-hand side of the homepage. Enter your Proposal Acknowledgement ID and Unique Tracking Number and click on “Track Application”.
After you have submitted your loan application and required documents, Bank of Baroda follows the procedure below.
Your application form will be processed and approved.
Documents will be verified.
The loan will be sanctioned.
Bank of Baroda will issue a Banker’s cheque or demand draft directly to the car dealer to make the payment for the car.
For used cars, the borrower will have to submit a certificate of value and residual life of the vehicle.
Bank of Baroda requires the following security for car loans:
The vehicle should be hypothecated.
Bank of Baroda’s charge on the Registration Document should be noted with RTO.
The bank will maintain a certified copy of the RTO Registration having its name as financier in its records.
The Bank of Baroda Car Loan is available to the following people:
Employees or directors of a public limited company
Partners in firms
You can call the following number toll free to contact the Bank of Baroda customer service. The service is available from 6:00 a.m. to 10:00 p.m.
1800 22 33 44
1800 102 44 55
You can also make product inquiries and complaints online on the Bank of Baroda website.
Bank of Baroda doesn’t specify any income requirements. Your loan amount will depend on your annual gross income.
You should be at least 21 years old.
For salaried individuals, the maximum age at the end of repayment should not exceed the retirement age.
For all others the maximum age at the end of repayment should not exceed 65 years.
Bank of Baroda will enquire about your credit score when you make an application for a car loan. The minimum CIBIL Bureau Score required in order to avail a Bank of Baroda Car Loan is 725.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.