Attractive interest rates are available for car loans up to Rs. 100 lakhs. The car loan repayment period may last up to 7 years. Financing is available for up to 90% of the car’s sticker price.
Fees and Charges for a Bank of Baroda Auto Loan
Below lists the principal fees and charges that Bank of Baroda assesses in relation to car loans:
Interest rate begins at 7.25% per annum (BLLR + Strategic Premium + interest rates varying from 0.25% to 3.25% depending on the risk rating of the applicant).
1,500 (processing fee) (plus GST)
No foreclosure fees also
Features of a Car Loan from Bank of Baroda
- Financing is available for up to 90% of the car’s sticker price.
- Also The maximum loan amount available is Rs. 1 crore.
- Also The applicant’s credit score and the daily decreasing balance are used to calculate interest rates.
The car loan repayment period may last up to 84 months.
Processing costs Rs. 1,500. (plus GST).
A car loan can be applied for by salaried workers, corporations, Non-Resident Indians (NRIs), professionals, and businessmen.
The vehicle that is being financed will be hypothecated by Bank of Baroda.
Benefits of a Car Loan from Bank of Baroda
Following are some of the key advantages of the auto loan offered by Bank of Baroda:
- Processing happens quickly.
- Also very little documentation
- Free of foreclosure fees
- minimal down payment
- favourable interest rates
How to Use the Bank of Baroda Website to Apply for a Car Loan
- Visit Bank of Baroda’s official website.
- Click on the “Vehicle Loan” link under the “Loan” heading.
- Click ‘Apply Now’ under the ‘Car Loan’ box on the following page.
- You must provide your name, email address, mobile number, state, city, the make and model of your automobile, and the verification code on the following page.
- After checking the consent box, press the “Submit” button.
- Once the aforementioned procedure is finished, a Bank of Baroda representative will get in touch with you.
- going to the bank office
The application form may also be download from the Bank of Baroda website and submitted in person at a bank branch. On https://www.bankofbaroda.in, the form can be download. Before submitting the form, all pertinent information must be entered.
The following people may be eligible for a car loan from Bank of Baroda:
- Paying personnel
- Partnership Entrepreneurship, business partners business owners, and directors of both private and public limited companies
- NRIs who are of Indian descent (POI)
- Farmers, workers, and entrepreneurs
- New Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), and passenger automobiles for personal use may be purchased with the help of a car loan.
The following list of requirements must be satisfied in order to qualify for a car loan from Bank of Baroda:
- The co-applicant must be at least 18 years old and the borrower must be at least 21 years old at the time of application.
- At the time the loan matures, neither the borrower nor the co-applicant can be older than 70.
- The applicant’s credit score must be at least 725.
- Eligibility Checking Documents
- Salaried employees and self-employed people must submit different types of paperwork.
The following list includes the documents that must get submit:
- Identity and address verification
- returns for tax filing
Profit and loss account statement and balance sheet Salaries
- Identity and address verification Form 16
If more paperwork is needed, you can check with the bank.
- Top Banks’ Comparison of Car Loan Interest Rates, see this also
Bank Name and Interest Rate (p.a.)
Bank of India State
- 7.70% and up
- Bank HDFC
- 7.95% and above (Rack Interest)
- Bank Axis
- 8.65% p.a. and higher
- Axis Bank
- 7.90% p.a. and higher
- Bank Canara
- from 7.30% p.a.
- Indian Federal Bank
- from 8.50% p.a.
- Indian Union Bank
- from 7.25% p.a.
Questions and Answers (FAQs) about Bank of Baroda Car Loan
Where can I find an application for a Bank of Baroda car loan?
The Bank of Baroda Car Loan application form also is available for download in the “Downloads” section of the bank’s official website. You can also think about going to the bank’s nearest branch location and picking up an application form there.
Can I check on the progress of my Bank of Baroda car loan?
You can, in fact, find out how your Bank of Baroda car loan is doing. You may easily check the status of your loan if you apply for it using the bank’s official website. On the other hand, you can log in to your BankBazaar profile to view the status if you applied for the loan through a third-party website like BankBazaar. Additionally, BankBazaar will send you regular email and SMS updates on the status of your auto loan to the email ID and phone number you have provided.
Can a CNG-LPG gas kit installation be the only purpose of a Bank of Baroda car loan?
Yes, up to 0.25 lakhs in loan amounts are explicitly approve by Bank of Baroda for the installation of CNG-LPG gas kits.
How do clients also get in touch with customer service to get more information about Bank of Baroda car loans?
Any questions about Bank of Baroda vehicle loans can be direct to our helpful customer service help desk by calling the following toll-free lines, which are available around-the-clock.
1800 22 33 44 \s1800 258 44 55 \s1800 102 44 55
On the Bank of Baroda website, you can also submit product enquiries and complaints online.
Also Is it possible to get a loan for a used car?
Yes, loans for used cars are available from Bank of Baroda. The vehicle shouldn’t be older than three years.
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