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  • Bank of Baroda Car Loan

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  • You will be able to avail car loans of up to Rs.100 lakhs at attractive interest rates. The repayment tenure of the car loan can be up to 7 years. Up to 90% of the on-road price of the car may be financed.
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    Bank of Baroda Car Loan Fees and Charges

    The main fees and charges that are levied by Bank of Baroda on their car loan are mentioned in the table below:

    Category Charges
    Rate of interest Starts at 8.95% p.a. Car Loan: One-year MCLR + Strategic Premium + interest rates ranging from 0.25% to 2% depending on the applicant’s risk rating. Car Loan to Corporates: One-year MCLR + Strategic Premium + interest rate of 0.25%
    Processing Fee 0.50% of the loan amount that is availed. However, the minimum and maximum amount that will be charged as a processing fee will be Rs.5,000 and Rs.10,000, respectively.
    Foreclosure charges Nil
    Pre-payment penalty Nil

    Currently, the one-year MCLR is 8.40%.

    Features of Bank of Baroda Car Loan

    The main features of the Bank of Baroda Car Loan are mentioned in the table below:

    • Up to 90% of the on-road price of the car may be financed.
    • The maximum amount of loan that can be availed is Rs.1 crore.
    • Calculation of interest rates is dependent on the credit score of the applicant and is done on the daily reducing balance.
    • Your credit score must be at least 725.
    • Repayment tenure of the car loan can be up to 84 months.
    • The processing fee is 0.50% of the loan amount up to a maximum of Rs.10,000.
    • Salaried employees, corporates, Non-Resident Indians (NRIs), professionals, and businessman can apply for a car loan.
    • Bank of Baroda will hypothecate the car that is being financed.

    Benefits of the Bank of Baroda Car Loan

    The main benefits of the car loan provided by Bank of Baroda are mentioned below:

    • The processing time is quick
    • Minimal documentation
    • No foreclosure charges
    • No pre-payment penalty
    • No advance Equated Monthly Instalments (EMIs) needs to be paid
    • Low down payment
    • Attractive interest rates
    • In case you have a good credit history, a 0.25% reduction of the interest rate is provided

    How to Calculate EMI on Bank of Baroda Car Loan

    Various factors such as the processing fee, loan tenure, rate of interest, and loan amount are considered when calculating the EMI. You can use the BankBazaar Bank of Baroda Car Loan EMI Calculator to calculate the EMI.

    The process to calculate the EMI is easy and can be completed quickly.

    How to Apply for a Bank of Baroda Car Loan

    On Bank of Baroda website

    • Visit the official website of Bank of Baroda.
    • Click on ‘Vehicle Loan’, which can be found under the ‘Loan’ tab.
    • On the next page, click on ‘Apply Now’ under the ‘Car Loan’ section.
    • On the next page, you must enter your name, email ID, mobile number, state, city, make and model of the car, and the verification code.
    • Check on the consent box and click on ‘Submit’.
    • A Bank of Baroda representative will contact you once the above step is complete.

    Visiting the bank branch

    You will also be able to download the application form on the Bank of Baroda website and submit it at the bank branch. The form can be downloaded on https://www.bankofbaroda.in/writereaddata/Images/pdf/Car-Personal-loan-new.pdf. All relevant details must be filled before the form is submitted.

    Eligibility Criteria

    The below-mentioned individuals will be able to avail a car loan from Bank of Baroda:

    • Salaried employees
    • Partnership Firm partners, Proprietorship Firm proprietors, and Private and Public Limited Company directors
    • Person of Indian Origin (POI)
    • NRIs
    • Farmers, professionals, and businessmen
    • Corporates

    The car loan can be used for the purchase of new Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), and passenger cars for private use.

    The eligibility criteria that must be met in order to avail a car loan from Bank of Baroda are mentioned below:

    • The minimum ages of the borrower and the co-applicant at the time of applying the loan must be 21 years and 18 years, respectively.
    • The borrower and the co-applicant cannot be more than 70 years at the time the loan ends.
    • The credit score of the applicant must be at least 725.
    • The eligibility is based on your repayment capacity and is based on the details mentioned in the table below:
    Category Gross Monthly Income (GMI) and Average Annual Income Percentage of Total Deductions (%)
    Salaried GMI is less than Rs.50,000 60
    GMI is above Rs.50,000 but less than Rs.1.5 lakh 70
    GMI is more than Rs.1.5 lakh 80
    Others Average Annual Income over the last 2 years is below Rs.6 lakh 60
    Average Annual Income over the last 2 years is above Rs.6 lakh 80

    Documents

    The documents that must be submitted by salaried employees and self-employed individuals are different. The documents that must be submitted are mentioned below:

    Self-employed

    • Identity proof
    • Address proof
    • Income Tax Returns
    • Balance sheet with the profit and loss account statement

    Salaried

    • Address proof
    • Identity proof
    • Form 16
    • Bank statement
    • Salary slips

    You can contact the bank to check if any other documents need to be submitted.

    Frequently Asked Questions (FAQs) on Bank of Baroda Car Loan

    1. Where can I get the Bank of Baroda Car Loan application form?

      The application form for Bank of Baroda Car Loan can be downloaded from the official website of the bank from their ‘Downloads’ section. You can also consider visiting one of the nearest branch offices of the bank and collect the application form from there.

    2. Is it possible to track the status of my Bank of Baroda Car Loan?

      Yes, it is possible to check the status of your Bank of Baroda Car Loan. If you have applied for the car loan using the bank’s official portal, you can just log in to find out the status of your loan. On the other hand, if you have applied for the loan through a third-party website such as BankBazaar, you can log in to your BankBazaar profile to check the status. You will also be notified by BankBazaar about the status of your car loan through regular email and SMS updates on the email ID and phone number that you have registered.

    3. Can a Bank of Baroda Car Loan be sanctioned for the installation of a CNG-LPG gas kit only?

      Yes, Bank of Baroda specifically sanctions loan amounts for installation of CNG-LPG gas kits up to 0.25 lakhs.

    4. 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 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.

      • 1800 22 33 44
      • 1800 258 44 55
      • 1800 102 44 55

      You can also make product inquiries and complaints online on the Bank of Baroda website.

    5. Can I avail of a loan for a used vehicle?

      Yes, Bank of Baroda provides loans for used vehicles. The car should not be more than 3 years old.

    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.

    Bank Of Baroda Car Loan Reviews

    • Bank of Baroda Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Recently I took car loan from Bank of Baroda, I took Rs. 7 lakhs for the duration of five years, Bank of Baroda they gave me 9.2% of interest per annum. Totally they taken only one day to sanction the amount, I got the on road price of the card. The bank didnâ??t any take insurance fee.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 13, 2019
    • Bank of Baroda
      Bank of Baroda Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in BANK OF BARODA before one year ago. At the time I received a loan amount as per my expectation for the duration of four years. The rate of interest is nominal and the processing fee is applicable and nominal for this loan.
      Was this review helpful? 5
      , lucknow
      Reviewed on Jun 08, 2019
    • Bank of Baroda Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the car loan with the BANK OF BARODA where the documentation process was simple and easy to get the loan, the documentation process was simple and easy to get the loan. I got the loan amount within 1-2 days, they have given the 100% of loan amount.
      Was this review helpful? 1
      , chennai
      Reviewed on May 29, 2019
    • Bank of Baroda Car Loan
      "Fast Experience"
      0.5 5.0/5 "Blown Away!"
      I took car loan from Bank of Baroda through dealer, I purchased grand I 10 car. The bank have sanctioned Rs. 4 lakhs there was no hassles within a day I got car delivery. The executive are very support even they helped to give me the service at night time.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 15, 2019
    • Bank of Baroda Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for car loan through Bank Of Baroda .The rate of interest and of the processing fee was nominal .The car model is Maruti wagon R.The loan amount was received on time and the loan amount was sufficient .I have directly contacted the bank and go the loan .The premium is 7240.The loan amount was 3,50,000 for the tenure of 5years .
      Was this review helpful? 2
      , mumbai
      Reviewed on Apr 15, 2019
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I hold my car loan with bank of Baroda for an while,the loan amount was good so far,they have given me good loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and the processing fee they have not charged me,the loan was on time.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 01, 2019
    • Bank of Baroda Car Loan
      "This very important to me know Omni car loan request apply t"
      0.5 5.0/5 "Blown Away!"
      Loan amount needed for the status of my business and personal with you can saported you read the status of my business partners in the check to see below for more details please check attached snapshots you read message request apply for the i
      Was this review helpful? 0
      , kanpur
      Reviewed on Feb 01, 2019
    • Bank of Baroda Car Loan
      "Normal Loan"
      0.5 3.0/5 "Satisfactory"
      They have approved the loan immediately from Bank of Baroda hence i have chosen them. I got the car loan in last year August. I have applied the loan amount of Rs. 8 lakhs and they have approved the same. They have charged me a processing fee of Rs. 1800 and the interest rate is nominal.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 19, 2019
    • Bank of Baroda Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them has been quite good with this loan where the loan amount has been sufficient. The interest rate which they offered has been nominal when compared with the market rate and there has not been any extra charges which they had made so far. Their customer support team had also been supportive as well.
      Was this review helpful? 4
      , navi mumbai
      Reviewed on Jan 18, 2019
    • Bank of Baroda Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a good experience i had with this loan. The loan amount which they had provided has been sufficient and the interest rate with them has also been nominal, there has not been any sort of additional charges which they had made for this loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 07, 2019
    • Bank of Baroda Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with this Car loan has been good where there has not been any hassle faced in getting this loan. The loan amount which they had provided has been sufficient and has been satisfactory. The interest rate has been nominal with them when compared with the market rate.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 24, 2018
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The BANK OF BARODA has disbursed the car loan within 4 hours of time. The customer support service and the response is excellent with the bank of Baroda. I have submitted the documents on the same day and same time I have got the loan from the bank of Baroda.
      Was this review helpful? 3
      , chennai
      Reviewed on Apr 17, 2018
    • Bank of Baroda Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Bank of Baroda and my loan experience was very good, the loan amount was for Rs 2.15 lakhs with nominal interest and the tenure period is for 7 years. Customer service was good and they followed up on time. Overall it was a good service from BOB.
      Was this review helpful? 4
      , faridabad
      Reviewed on Apr 17, 2018
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Around 8 months ago, i have got the car loan from the BANK OF BARODA . The customer support service is good with the bank of baroda and they give good response to the customers. They had disbursed the car loan amount within a week time . The rate of interest and the charges are very low when compared with others.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bank of Baroda Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with Bank of Baroda,The,loan amount is 5.50 lakhs,rate of interest is very low as compared to others.I had submitted the standard documents and they had processed the loan within 2-3 days without processing fees.The loan is active another seven months left.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 23, 2018
    • Bank of Baroda Car Loan
      "Really good"
      0.5 5.0/5 "Blown Away!"
      I have closed the car loan with the Bank of Baroda and the rate of interest was not aware by my end. I am happy with them and I don't have any issues on it. Everything is fine one with the Bank of Baroda.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 11, 2017
    • Bank of Baroda Car Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda has also given me the benefit of the car loan. They have contacted me on time and informed me the details. They were proactive in the process and I got the loan as needed. I also got a decent deal on the interest rate and processing fee.
      Was this review helpful? 5
      , vadodara
      Reviewed on Nov 08, 2017
    • Bank of Baroda Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Within two days Bank of Baroda have processed my car loan request it was very fast process. Even I am surprised about their procedure. BOB service is also excellent, somewhat interest rate is higher. I purchased the Swift dezire, loan amount Rs. 6lakhs for the tenure seven years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 06, 2017
    • Bank of Baroda Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      It is a excellent service from BANK OF BARODA for my car loan service ,customer service and representatives were very helpful and responsible in responding ,I can say the overall service is excellent from BANK OF BARODA . I don't have any issue till now.
      Was this review helpful? 2
      , thane
      Reviewed on Oct 10, 2017
    • Bank of Baroda Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The customer service is not up to the mark from bank of Baroda . I have visited the bank branch to process the documentation. The verification has been done in a very good way. Within 3 days of time, I got the loan from bank of Baroda. This loan has the tenure of 7years. The rate of interest is nominal with bank of Baroda.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Oct 09, 2017
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