Bank of Baroda Car Loan Interest Rate

Bank of Baroda is India's second-largest bank and offers fantastic vehicle loan deals. Bank of Baroda car loans are tailored to each loan application depending on the type of vehicle, EMI, repayment alternatives, and client profile.

The duration of each loan can vary depending on the loan applicant's comfort level. Car loans of up to Rs. 100 lakhs will be available at competitive Bank of Baroda car loan interest rates. The car loan repayment period can last up to 7 years. Financing is available for up to 90% of the car's on-road price.

What are the Major Features of the Bank of Baroda Car Loan?

Here is the list of the major characteristics of the Bank of Baroda car loan facility-

  • The maximum auto loan amount offered by the Bank of Baroda is Rs.100.00 lakhs. This is only allowed after considering the applicant's annual income.
  • Rs.1,500 is the processing fee (plus GST).
  • Bank of Baroda car loan interest rates are calculated based on the applicant's credit score and the daily lowering balance.
  • A car loan can be obtained by salaried employees, corporates, Non-Resident Indians (NRIs), professionals, and businessmen.
  • The car that is being financed will be hypothecated by the Bank of Baroda.
  • Bank of Baroda automobile loans are available for 84 months or seven years.
  • Bank of Baroda vehicle loans funds up to 90% of the on-road pricing (on-road price includes invoice price, road tax, cost of registration, and insurance).
  • Other advantages include the fact that the interest rate is determined on the daily lowering balance, there is no prepayment penalty or foreclosure charges, and no advance EMI is required.

Bank of Baroda Car Loan Interest Rate 2022

Here is the car loan BOB interest rate with the other charges associated with the car loan from the Bank of Baroda-

BOB Car Loan Interest Rate

7.25% p.a. and higher.

Processing Fees

Rs. 1,500+GST

BLLR+ Strategic Premium + Interest Rates

0.25% - 3.25%

Foreclosure Charges

0

 

Who is Eligible for the Bank of Baroda Car Loan?

  • The applicant's maximum age should not be more than 70 years old.
  • Individuals who are paid a salary.
  • The applicant needs to be at least 21 years of age.
  • Entrepreneurs, farmers, and professions
  • Directors of private and public limited corporations, partners in partnership enterprises, and sole proprietors in sole proprietorship firms
  • Corporate entities include trusts, private limited companies, partnerships, and limited public businesses.
  • PIOs and NRIs
  • To receive a car loan from the Bank of Baroda, the applicant's credit score must be at least 725.

Documents Needed for the Loan

The documentation that salaried employees and self-employed individuals must submit differ. The documents that must be presented are as follows-

For Salaried Persons

  • Address proof 
  • ID Proof 
  • Form 16 
  • Bank statement
  • Pay slip

For Self-employed

  • ID proof
  • ITR
  • A balance sheet with a P/L statement
  • Address Proof

 

How to Apply for the Bank of Baroda Car Loan?

These are two major methods through which you can apply for a car loan on the Bank of Baroda, and they are online and offline. These two methods are explained below-

1) Online

You can apply for the Bank of Baroda car loan through its official portal, and you will have to follow the steps that are mentioned below-

Step 1: You will have to visit the official portal of the bank.

Step 2: Secondly, you will need to click on the option - vehicle loan, which will be found under the loan tab.

Step 3: Thirdly, you will be navigated to the next page, and then you will have to click on apply now below the car loan section.

Step 4: On the next page, you will have to enter your name, email, phone number, state, city, car, and, lastly, the verification code that is sent to you.

Step 5: You need to check the acknowledgement and the consent box, further click on submit.

Step 6: You will later be contacted by a representative of the bank, and you can proceed.

2) Offline Method

You could also download the application form on the official portal, and then you can submit it physically at a branch of the bank after duly filling it out. 

Use this link to download the application form:

https://www.bankofbaroda.in/writereaddata/Images/pdf/Car-Personal-loan-new.pdf.

The details need to be entered on this form, and the documents also need to be carried along with it.

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