The main fees and charges that are levied by Bank of Baroda on their car loan are mentioned in the table below:
|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.|
Currently, the one-year MCLR is 8.40%.
The main features of the Bank of Baroda Car Loan are mentioned in the table below:
The main benefits of the car loan provided by Bank of Baroda are mentioned below:
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.
On Bank of Baroda website
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.
The below-mentioned individuals will be able to avail a car loan from Bank of Baroda:
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:
|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|
The documents that must be submitted by salaried employees and self-employed individuals are different. The documents that must be submitted are mentioned below:
You can contact the bank to check if any other documents need to be submitted.
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.
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.
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.
Yes, Bank of Baroda provides loans for used vehicles. The car should not be more than 3 years old.
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