|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|
Q: What is the current rate of interest for a car loan in Bank of Baroda?
A: The Bank of Baroda offers a car loan with attractive interest rates ranging between 8.60% to 10.35%.That is designed to meet your personal needs including amazing deals on a car loan as well as a used car loan.
Q: What are the other charges on the BOB car loan?
A: The borrowers will have to pay the following chargers for a car loan:
Q: Can I get a car loan from BOB for a used vehicle?
A: Yes, Bank of Baroda provides car loans for used vehicles. The car should not be more than 3 years old from the time of registration.
Q: What are the documents required to avail the car loan from BOB?
A: To avail a car loan from BOB the following documents are required:
1. A filled application form with photograph
2. Identity proof and residential proof.
3. Latest bank statement from the last six months.
4. Documents for salaried applicants: recent 3 months salary payslips and Form 16.
5. Documents for Self-employed applicants: Business proof and IT returns from last 3 years.
Q: How much loan amount I can get for a car loan from BOB?
A: BOB provides for a new car, up to 85% of the on road price of the car. While for a used car get up to 80% of the total car value can be covered by the loan.
The Bank of Baroda has cut the MCLR by up to 10 basis points (bps) on various tenors and the same will come into effect starting from Sunday (July 7, 2019).
In its regulatory filing, the bank stated that it has revised the marginal cost of funds – based lending rate.
Accordingly, the benchmark for one – year MCLR has been trimmed down by 10 bps to 8.60 percent from its earlier record of 8.70 percent. This one year MCLR is the rate which is linked to most of the loans including home loan, personal loan and car loan.6 July 2019