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Get car loans that are best matched to your credit profile
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As we know, buying a car is a financial commitment for quite a few years until you pay the loan. There are a lot of aspects that you need to keep in mind before you take the loan – such as the prepayment charges, processing fees, interest rates, tenure, down payment and the EMI that needs to be paid every month. You need to consider these aspects well before you take up onus of buying a car.
Bank of Baroda is the second largest bank in India that provides amazing offers on car loans. The Bank of Baroda car loans are designed specifically for each loan applicant based on the type of car, EMI, repayment options and customer type. The tenure for each loan can vary with the comfort of the loan applicant.
Firstly, to apply for the Bank of Baroda car loan the minimum age of the borrower should be 21 years of age and the co-applicant has to be 18 years of age. The maximum age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years.
Further, the documents for Bank of Baroda car loan that need to be submitted during application are:
For salaried applicants:
For self-employed applicants:
To make the document procedure easier, you can apply for the Bank of Baroda car loan through CreditMantri for seamless and trouble free processing.
The loan is sanctioned for new and old passenger cars, Multi Utility Vehicles (MUVs) and SUVs for private use. The loan cannot be sanctioned on commercial vehicles.
Total deductions including proposed EMI should not exceed:
1. What is the base rate determined by Bank of Baroda?
A base rate of 9.65% per annum is applicable on car loans as determined by Bank of Baroda. This is subject to change as per the market. Please check for revised rates on CreditMantri or visit the Bank of Baroda website or bank.
2. What is the security required to avail a car loan from Bank of Baroda?
The security that is required to avail a car loan from Bank of Baroda is:
3. What are the unified processing charges applicable?
Unified processing charges consists of documentation charges, processing charges, pre-sanction and one time post sanction inspection charges and document verification charges. These unified processing charges are applicable as given below:
4. What is the loan margin determined by Bank of Baroda?loan?
For loans of up to Rs. 15 lakhs, a margin of 15% on-road price of the car is charged and if the loan amount is above Rs. 15 lakhs, then 20% on-road price of the car is applicable.
5. Can applicants avail of a concession in interest rates while procuring a car loan?
If an applicant offers a minimum of 50% liquid security as the collateral for the car loan, then he/she can avail of a concession in the interest rate.
In case the applicant has already availed a home loan with Bank of Baroda and also has a good repayment history, then he/she can procure an additional concession of 0.25% on the car loan interest rate. Please note that GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
6. Do I get an insurance policy of the vehicle when I apply through Bank of Baroda?
Bank of Baroda car loans offer comprehensive insurance of the vehicle with the Bank’s clause.
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