If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Bank of Baroda Used Car Loan is Rated as "Blown Away!" by 61 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 – 2018

    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 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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    Bank of Baroda Used Car Loan Reviews

    • Bank of Baroda Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in BANK OF BARODA before one year ago. At the time I received a loan amount as per my expectation for the duration of four years. The rate of interest is nominal and the processing fee is applicable and nominal for this loan.
      Was this review helpful? 4
      , lucknow
      Reviewed on Jun 08, 2019
    • Bank of Baroda
      Bank of Baroda Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the car loan with the BANK OF BARODA where the documentation process was simple and easy to get the loan, the documentation process was simple and easy to get the loan. I got the loan amount within 1-2 days, they have given the 100% of loan amount.
      Was this review helpful? 1
      , chennai
      Reviewed on May 29, 2019
    • Bank of Baroda Car Loan
      "Fast Experience"
      0.5 5.0/5 "Blown Away!"
      I took car loan from Bank of Baroda through dealer, I purchased grand I 10 car. The bank have sanctioned Rs. 4 lakhs there was no hassles within a day I got car delivery. The executive are very support even they helped to give me the service at night time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 15, 2019
    • Bank of Baroda Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for car loan through Bank Of Baroda .The rate of interest and of the processing fee was nominal .The car model is Maruti wagon R.The loan amount was received on time and the loan amount was sufficient .I have directly contacted the bank and go the loan .The premium is 7240.The loan amount was 3,50,000 for the tenure of 5years .
      Was this review helpful? 2
      , mumbai
      Reviewed on Apr 15, 2019
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I hold my car loan with bank of Baroda for an while,the loan amount was good so far,they have given me good loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and the processing fee they have not charged me,the loan was on time.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 01, 2019
    • Bank of Baroda Car Loan
      "This very important to me know Omni car loan request apply t"
      0.5 5.0/5 "Blown Away!"
      Loan amount needed for the status of my business and personal with you can saported you read the status of my business partners in the check to see below for more details please check attached snapshots you read message request apply for the i
      Was this review helpful? 0
      , kanpur
      Reviewed on Feb 01, 2019
    • Bank of Baroda Car Loan
      "Normal Loan"
      0.5 3.0/5 "Satisfactory"
      They have approved the loan immediately from Bank of Baroda hence i have chosen them. I got the car loan in last year August. I have applied the loan amount of Rs. 8 lakhs and they have approved the same. They have charged me a processing fee of Rs. 1800 and the interest rate is nominal.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 19, 2019
    • Bank of Baroda Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them has been quite good with this loan where the loan amount has been sufficient. The interest rate which they offered has been nominal when compared with the market rate and there has not been any extra charges which they had made so far. Their customer support team had also been supportive as well.
      Was this review helpful? 4
      , navi mumbai
      Reviewed on Jan 18, 2019
    • Bank of Baroda Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a good experience i had with this loan. The loan amount which they had provided has been sufficient and the interest rate with them has also been nominal, there has not been any sort of additional charges which they had made for this loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 07, 2019
    • Bank of Baroda Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with this Car loan has been good where there has not been any hassle faced in getting this loan. The loan amount which they had provided has been sufficient and has been satisfactory. The interest rate has been nominal with them when compared with the market rate.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 24, 2018
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The BANK OF BARODA has disbursed the car loan within 4 hours of time. The customer support service and the response is excellent with the bank of Baroda. I have submitted the documents on the same day and same time I have got the loan from the bank of Baroda.
      Was this review helpful? 3
      , chennai
      Reviewed on Apr 17, 2018
    • Bank of Baroda Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Bank of Baroda and my loan experience was very good, the loan amount was for Rs 2.15 lakhs with nominal interest and the tenure period is for 7 years. Customer service was good and they followed up on time. Overall it was a good service from BOB.
      Was this review helpful? 4
      , faridabad
      Reviewed on Apr 17, 2018
    • Bank of Baroda Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Around 8 months ago, i have got the car loan from the BANK OF BARODA . The customer support service is good with the bank of baroda and they give good response to the customers. They had disbursed the car loan amount within a week time . The rate of interest and the charges are very low when compared with others.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bank of Baroda Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with Bank of Baroda,The,loan amount is 5.50 lakhs,rate of interest is very low as compared to others.I had submitted the standard documents and they had processed the loan within 2-3 days without processing fees.The loan is active another seven months left.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 23, 2018
    • Bank of Baroda Car Loan
      "Really good"
      0.5 5.0/5 "Blown Away!"
      I have closed the car loan with the Bank of Baroda and the rate of interest was not aware by my end. I am happy with them and I don't have any issues on it. Everything is fine one with the Bank of Baroda.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 11, 2017
    • 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? 5
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 4
      , lucknow
      Reviewed on Sep 08, 2017
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