If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Bank of Baroda Used Car Loan is Rated as "Blown Away!" by 46 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Bank of Baroda Used Car Loan

    Bank of Baroda Used Car Loans

    This public sector banking enterprise was founded in the year 1908 by Maharaja Sayajirao Gaekwad III, the erstwhile Maharaja of Baroda State. Today, BoB is one of the largest state owned banks in the country. This BSE listed banking and financial services institution has its corporate headquarters in Mumbai. With over 100 years of rich heritage, Bank of Baroda is poised to add laurels to its success story in the Indian banking industry as it continues to lead key segments.

    BoB also has massive presence in major international cities across the World and is hugely famous with the Gujarati diaspora. In India, the bank provides a full range of banking products and financial services to a gigantic customer base. As part of its retail lending portfolio, BoB extends car loan facility for pre owned cars at pleasing rates and terms.

    Features and Benefits of Bank of Baroda Used Car Loan

    Appealing Rate of Interest

    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

    • 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.
    • 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.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.05%
    1 month 9.10%
    3 months 9.20%
    6 months 9.25%
    1 year 9.30%
    3 years 9.30%
    5 years 9.50%

    Used car loan interest rates – July 2017

    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.

    Minimum Maximum
    Interest Rates (Based on MCLR) MCLR + SP + 0.25% MCLR + SP + 2.00%

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

    Base Rate 9.65%, effective 05/10/2015
    Prime Lending Rate 13.90%, effective 5/10/2015

    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 July 2017, 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.

    Bank of Baroda Used Car Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , coimbatore
      Reviewed on Oct 09, 2017
    • Bank of Baroda Car Loan
      "Poor service"
      0.5 2.0/5 "Expected more"
      I have checked the car loan process with Bank of Baroda , but the executives told that they will get back to me but they haven't gave any response in regards to my car loan application. The service part need to be improved with Bank of Baroda. The customer service also need to be improved.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 08, 2017
    • Bank of Baroda Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with bank of Baroda for very low interest rate , because I am staff at bank of Baroda. The customer service was good with Bank Of Baroda ., they have disbursed my loan immediately after the approval. I would say I got very good service from bank of Baroda.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 31, 2017
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank Of Baroda has done well in the process of the car loan. The customer services and response from them was good and the process was very much smooth and hassle free ,loan amount was 3 laks and ROI is 8.5% and EMI is around 4500 for 7 years they dint ask much of documents also it was normal.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 01, 2017
    • Bank of Baroda Car Loan
      "Friendly Manager"
      0.5 5.0/5 "Blown Away!"
      Three years ago, I had taken the car loan from Bank of Baroda. The tenure is 60 months and the emi would be 12,500. I am done with 32 EMIs. Till date there is no default in my payment. The bank manager was very friendly, he guided me in a proper way and supported a lot. They proper used to send notifications via message and letters.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Bank of Baroda Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      Bank Of Baroda has done well in the process of the car loan. The customer services and response from them was good and the process was very much smooth and hassle free.Bank executives came and collected all my documents,loan amount was 5 laks and ROI is 8.85% and EMI is around 5k for 7 years they dint ask much of documents also.
      Was this review helpful? 0
      , surat
      Reviewed on May 21, 2017
    • Bank of Baroda Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I had taken my car loan from Bank of Baroda and the process was good. I am happy about the services from the branch which is near to my location. They offered me a good deal of 8.8% on the interest rate and the processing charges was normal too. It was a nice experience overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 09, 2017
    • Bank of Baroda Car Loan
      "Helpful and excellent service"
      0.5 4.0/5 "Great!"
      Bank of baroda just took 24 hours to disburse my car loan. I can say I got the lowest interest rate in the market of 8.85%. The response the follow up was very good and prompt. This bank of baroda service can be recommended to the people in the market.
      Was this review helpful? 0
      , bharuch
      Reviewed on Apr 08, 2017
    • Bank of Baroda Car Loan
      "Good in interest rate"
      0.5 5.0/5 "Blown Away!"
      Interest rate is lesser with Bank of Baroda for car loan than the HDFC Bank. And the processing fee was two thousand rupees. The customer service of BOB was very much helpful throughout the car loan process and there was no hassles with them to get car loan.
      Was this review helpful? 0
      , anantapur
      Reviewed on Apr 04, 2017
    • Bank of Baroda Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have applied for my car loan with Bank of Baroda and they are offering me a interest rate of 8.25 to 8.5%. It is much lesser than HDFC Bank and the processing charges are nominal too. The process is on and it would be better if it more quicker to complete it.
      Was this review helpful? 0
      , roorkee
      Reviewed on Mar 14, 2017
    • Bank of Baroda Car Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      My car loan was from Bank of Baroda. The documentation was a bit difficult, they are good in customer satisfaction and they also are very reasonable on the rate of interest and processing charges. I have taken this loan four years now and the after loan services has also been up to the mark.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 10, 2016
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda is giving a very good service to the customer . I have taken two times car loan from them . They use to charge 9.7% interest rate and they have fixed processing fee of Rs.1000. They approve approximately 70%-80% of the loan amount.
      Was this review helpful? 1
      , orai
      Reviewed on Feb 22, 2016
    • Bank of Baroda Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Within one and half day the car loan was approved by bank of baroda. With the dimension rate of interest of 8% . They collected the simple documents for the process.The manger was customer friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 20, 2016
    • Bank of Baroda Car Loan
      "Great!!!"
      0.5 4.0/5 "Great!"
      I took the car loan from bank of baroda through the showroom dealer in 2008. Interest rate was nearly 10.5% and there was no processing fee. I submit the documents to the showroom dealer and they took care of the internal process. We need not to worry about the process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 13, 2015
    • Bank of Baroda Car Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Bank of Baroda. The services are average. I liked the process. It took two days. The loan was also disbursed within two days. They had a zero processing fee. The part payment is also a zero fee. They also offered a reasonable rate of interest. But the drawback is that I need to open an account with the bank. For which I need to deposit 1K. It would be better if the EMI is taken from the salary account.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 05, 2015
    • Bank of Baroda Car Loan
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Its good experience with the Bank of Baroda while took the car loan. The rate of interest was around 9.8% with zero processing charges. Customer service is quite responsive. There are no drawbacks as such in my view. Foreclosure and part payments can be done at zero cost.
      Was this review helpful? 1
      , jodhpur
      Reviewed on Nov 03, 2015
    • Bank of Baroda Car Loan
      "My car loan"
      0.5 5.0/5 "Blown Away!"
      The dealer has got a tie up with BOB car loan all I did was I signed up for the paper works . I visited the branch for signing the paper works. I have not opted for ECS and I normally make the payment by cash and they have provided the loan within 4 to 5 days of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2015
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