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Bank Of Baroda Car Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Bank of Baroda Car Loan 8.60% - 10.35% 0.5% of loan amount Maximum 1 crore 84 months
Details
Documents Required

  • Duly Filled in Loan application form along with recent passport photographs
  • PAN Card
  • Recent Passport size photographs (2 copies)
  • Identity Card of Employer
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
Benefits

  • No Hidden Charges
  • Low Processing Fees
  • Low-Interest rates
  • Administrative charges are Nil
  • Get loan up to 90% of the on-road price of the vehicle
Eligibility

  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should not be above 70 years.
  • Salaried Individuals
  • Businessmen, farmers, professionals
  • Directors of private and public limited companies, partners of partnership firms, proprietor of proprietorship firms
  • Corporates including trusts, private limited, partnership, public limited companies
  • PIOs or NRIs
  • Minimum credit score of the applicant should be 725 to secure a car loan from Bank of Baroda.
Other Details

  • Repayment tenure is spread across 84 months and is mostly determined by the equated monthly instalment amount
  • The upper limit on the car loan for private use is Rs 1 crore.
  • Processing Fee is 0.5% of the car loan (maximum of Rs 10,000)
  • As a part of the collateral, all the cars which are financed through the Bank of Baroda’s car loans are hypothecated by the bank.

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