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    Bank Of Baroda Car Loan Reviews

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    Bank Of Baroda Car Loan is Rated as "Excellent!" by 32 Users

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    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

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    Bank of Baroda Car Loan Minimum Age

    At least 21 years old

    Bank of Baroda Car Loan Maximum Age

    Less than 65 years old

    Bank of Baroda Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank of Baroda Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Bank of Baroda Car Loan amount eligibility is based on these factors

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    Bank of Baroda Car Loan Minimum Salary

    Earn more than the minimum
    income required

    Bank of Baroda Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Bank of Baroda Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Bank of Baroda Car Loan amount by these steps

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    02
    Bank of Baroda Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank of Baroda Car Loan Maximum Tenure

    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 31 May 2016

    Bank of Baroda Car Loan Details
    Interest Rate 9.90% to 11.65%
    Processing Fees Nil
    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.

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. 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.

    7. How do I apply for a Bank of Baroda Car Loan?

      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.

    8. Where can I get a Car Loan 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.

    9. For what kind of vehicles does Bank of Baroda provide car loans?

      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.

    10. 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.

    11. What is the loan offered for CNG/LPG gas kits?

      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.

    12. What are the loan terms for a separate CNG kit loan?

      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.

    13. What is the minimum loan amount I can get from Bank of Baroda?

      There is no minimum loan quantum set by Bank of Baroda.

    14. What is the maximum loan amount I can get with a Bank of Baroda Car Loan?

      The maximum loan amount you can avail of to finance a car is Rs. 100 lakhs. For salaried individuals, you can avail of twice your gross annual income. If you are a businessman, you can avail of three times your gross annual income, where the gross annual income is the average of the last 2 years.

    15. What is the minimum car loan tenure for a BoB four wheeler vehicle loan?

      Bank of Baroda does not specify any minimum time period for repayment.

    16. What is the maximum loan tenure for a BoB four wheeler vehicle loan?

      The maximum repayment tenure is 7 years or 84 months for new vehicles. For pre-owned cars, the maximum repayment tenure is 36 months.

    17. What is the interest rate on Bank of Baroda Car Loan?

      Irrespective of the tenure, Bank of Baroda offers a floating interest rate equal to the base rate + 0.25%. The current base rate is 9.65%. Please check with the bank for any changes in the interest rate.

    18. Does Bank of Baroda offer any concessions in Interest Rates?

      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.

    19. Are there any processing fees on Bank of Baroda Car Loans?

      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.

      Loan Quantum

      Processing Charge

      Maximum Charge

      Up to Rs. 15 lakhs

      0.75%

      Rs. 10,000

      Above Rs, 15 lakhs

      0.50%

      Rs. 10,000

    20. Are there any other charges on the BOB car loan?

      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.

    21. What are the margin requirements?

      The margin requirements for new cars are given below.

      Loan Quantum

      Margin

      Up to Rs. 15 lakhs

      15% on road price of car

      Above Rs. 15 lakhs

      20%on road price of car

    22. What are the charges for late payment?

      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.

    23. Can I foreclose my car loan before the end of the loan tenure?

      Yes, you are allowed to foreclose your car loan.

    24. Are there any foreclosure fees from Bank of Baroda?

      No, there are no applicable penalties for foreclosure or prepayment.

    25. When will the inspection of the vehicle take place?

      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.

    26. What are the insurance requirements on the car?

      Bank of Baroda requires the borrower to take comprehensive insurance on the vehicle. The premium and charges will be borne by the borrower.

    27. What are the insurance requirements for pre-owned vehicles?

      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.

    28. Can I check the status of my loan application online?

      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”.

    29. What is the process followed by Bank of Baroda for car loans?

      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.

      • Disbursement.

    30. What are the methods of disbursement?

      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.

    31. What security is acceptable to Bank of Baroda to get a car loan?

      Bank of Baroda requires the following security for car loans:

      1. The vehicle should be hypothecated.

      2. Bank of Baroda’s charge on the Registration Document should be noted with RTO.

      3. The bank will maintain a certified copy of the RTO Registration having its name as financier in its records.

    32. What is the eligibility criteria for a BoB car loan?

      The Bank of Baroda Car Loan is available to the following people:

      • Employees or directors of a public limited company

      • Businessmen

      • Professionals

      • Proprietors

      • Partners in firms

      • Government employees

      • HNIs

      • Corporates

    33. How do I contact the Bank of Baroda Customer Care for car loan queries?

      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.

    34. What are the income requirements for Bank of Baroda Car Loan?

      Bank of Baroda doesn’t specify any income requirements. Your loan amount will depend on your annual gross income.

    35. What is the age requirement for a four wheeler loan?
      • 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.

    36. What are the Credit score requirements?

      Bank of Baroda will enquire about your credit score when you make an application for a car loan. Banks usually prefer a score of 750 and above.

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