Bank of Baroda Used Car Loan

BoB interest rates for used car loans are comparatively lower than similar offers in the market by other banks. The present rate of interest is 10.75%(Base rate + floating component) which goes soft on your wallet.

Ample Repayment Tenure

For pre owned cars, the bank provides up to 36 months for loan repayment. Payback the loan amount in easy EMIs(Equated Monthly Installment) for up to 3 years without worrying about big monthly expenditure.

Nominal Charges & Fees

BoB bills 0.75% (Max. Rs.10,000/-) of the loan amount as processing fees. No prepayment penalty is levied if you decide to preclose the car loan account. You may qualify for concessions in key rates(includes interest) if you're an existing customer of the bank.

Security

The loan agreement will be on the basis of hypothecation which means the car will act as collateral until full repayment of loan amount. After successful closure, full legal ownership rights will be conferred on the borrower.

Bank of Baroda Used Car Loan Eligibility Criteria

1. The used car loan applicant should be self employed or salaried. Employees of public limited companies, businessmen, proprietors, professionals, partners in firm, government and corporate employees are eligible to apply.
2. The maximum loan amount one can qualify for up to two times of annual gross income if you're salaried and thrice for self employed applicants.

Bank of Baroda Used Car Loan Interest Rates

Bank of Baroda offers "Baroda Car Loan", a special product designed to help people buy a used car. The interest on this car loan depends on the status of a borrower, with new borrowers paying interest based on MCLR while existing borrowers have an option to choose between base rate and MCLR.

Bank of Baroda Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

New guidelines issued by the RBI have made it mandatory for banks to use the MCLR based system for new customers. These rates vary according to the tenure, reflecting current economic conditions. The table below highlights the MCLR for July 2017.

Used car loan interest rates 

The final interest payable by a borrower depends on the MCLR plus the Strategic Premium (SP) charged by Bank of Baroda. A strategic premium of 0.35% is charged by the bank (as of July 2017). The table below highlights the overall interest charged.

Bank of Baroda Base and Prime Lending Rates (For existing borrowers)

Bank of Baroda interest rate for used cars (Based on Base Rate)

Existing car loan customers who do not wish to migrate to MCLR are expected to pay an interest equivalent to BR + 0.25% per annum.

Note: The rates mentioned above are for jan 2018, with these rates subject to change without prior intimation. Applicants should check the rates prevailing at the time of application.

EMI Calculation for Bank of Baroda Used Car Loan

Before selecting a bank to fund the car purchase, it is highly recommended that you get a wide angle view on the various financial aspects to ensure there are no surprises in store during the repayment period. Bank of Baroda Car Loan calculator helps you to be better equipped to avail the loan. Use this tool to ascertain breakdown of monthly EMIs and details of future amortization.

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