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 Reviews

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    • 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , bangalore
      Reviewed on Oct 31, 2015
    • Bank of Baroda Car Loan
      "best for car loan.. "
      0.5 5.0/5 "Blown Away!"
      Rate of interest is quiet lesser in BANK OF BARODA. Good for to take car loan form them. They are providing lots of facilities. No processing fees and No foreclosure charges as well as part payment. They disbursed within 24hrs and their service also good.
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      , chandigarh
      Reviewed on Oct 14, 2015
    • Bank of Baroda Car Loan
      "Convenient service and zero charges "
      0.5 5.0/5 "Blown Away!"
      I received a excellent service provided by Bank of Baroda based on the car loan.I have submitted the documents related for this loan through the dealer.The interest rate offered was around 10.15% which is really good and they donâ??t apply any additional charges for the loan.
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      , new delhi
      Reviewed on Aug 31, 2015
    • Bank of Baroda Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am a VIP Customer of Bank of Baroda. As I know the Manager there I got my work done easily for car loan. I am very much happy with the interest rate offered by them was 10% and they have waived off my processing fee. On top of that all that they offered this loan within 2 hours of time. All I did was I went to the branch I met the Manager as I hold a savings account with them. More than all, my dealer has got a tie up with the same bank and it was very much transparent.
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      , mumbai
      Reviewed on Aug 29, 2015
    • Bank of Baroda Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I was holding BOB housing loan before 5 years the loan is closed now. The Deputy Manager who was handling my case was good and I was able to get my work done faster with the help of him. I was holding this housing loan for a period of 10 years and they have provided 90% of the loan amount. They were able to fund 80% of the loan amount without processing fee and everything else was smooth.
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      , mumbai
      Reviewed on Aug 29, 2015
    • Bank of Baroda Car Loan
      "Its great.."
      0.5 4.0/5 "Great!"
      I have an account of Bank of Baroda so got concession in respect to interest rate for the car loan and got it done for 9.5%. Nil processing charge and sanctioned amount was 90%. Pre closure is nil so enough to pay an outstanding amount. I took this loan for the tenure of 4 years.
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      , hyderabad
      Reviewed on Aug 26, 2015
    • Bank of Baroda Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda car loan process was fine. Customer service offered by them as fine. Dealer has got a tie up with them. There was no response from them and I did not get any mailers form them for payment and for the payment acknowledgement as well. I have been holding this car loan for 1.5 years. I have not got any discount on the interest rate and processing fee.
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      , new delhi
      Reviewed on Aug 21, 2015
    • Bank of Baroda Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I took my car loan from Bank of Baroda. The services was average. But the process was quick. I got my loan within three days. The rate of interest was of 10.25% and I had a processing fee of .5%. I got a loan of 85% on the value of the car. They also given me a car insurance with the coverage of 49K for the 1st year. The coverage is for self and third party. It is also a zero debt insurance and there is a coverage for the engine too.
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      , ghaziabad
      Reviewed on Jul 23, 2015
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    Bank of Baroda Used Car Loan is Rated as "Blown Away!" by 39 Users

    Fees & Charges

    Promised Interest Rate

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    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 May 2016.

    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 – May 2016

    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 May 2016). 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 May 2016, 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.

    Other Products from Bank of Baroda

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