Car Loans

• Enjoy a range of benefits on car loans from Bank of Baroda, irrespective of your loan amount or type of vehicle.
• With our car loan, you can ride home your dream car in a short period of time. Our loans are designed for those who may be unable to purchase a private vehicle due to paucity of funds.
• Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Additionally, our loan borrowers are not required to pay foreclosure charges or pre-payment penalty, nor do they need to pay advance EMIs.
• With higher limits on the car loan amount, you can avail loans for new cars for up to SCR500000/-. So, if you have always had your eye on a luxury car, our loan can take you one step closer to your dream.
• You can get up to 80% financing on the car’s on-road price with Bank of Baroda’s auto loan.
• We offer attractive interest rates on loans to all our customers . Additionally, existing home loan borrowers with a good credit history enjoy a concession of 0.25% on their car loan interest rate.

• Bank of Baroda offers up to 75% auto loan financing of the on-road price of the car you wish to purchase. However, the upper limit on the car loan amount for private use vehicles is SCR 500,000/-
• The interest rate on car loans is calculated on the daily reducing balance.
• The repayment period or tenure for car loans is up to a maximum of 84 months and is determined by the EMI amount.
• As collateral, all cars financed through our auto loans are hypothecated with Bank of Baroda.
  The hypothecation is removed once the borrower repays the entire loan amount. Salaried employees, businessmen, professionals as well as corporates are eligible to apply for Bank of Baroda’s auto loans. However, the minimum age of the borrower should be 21 years, while the maximum age should not exceed 70 years after the repayment period is over.
• The processing charges on our loans are minimal, and are generally calculated as 1% of the car loan amount.

• Salaried Employees
• Businessmen, professionals
• Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
• Corporates (Partnership, private Limited, Public limited and Trust)

For purchase of new/second hand  passenger Cars(Not more than 5 years old which are in satisfactory running condition), Multi Utility Vehicles (MUVs), SUVs etc. for private use.

Eligibility

• Salaried Employees
• Businessmen, professionals and Farmers
• Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
• Corporates (Partnership, private Limited, Public limited and Trust)

Eligibility based on Repayment Capacity

• Total deductions including proposed EMI should not exceed 60% of Gross Monthly Income  for salaried individuals and for others, it should not exceed 60% of Average Annual Income.

Maximum Limit

• SCR 500,000 (For all categories)

Repayment Period

• Maximum 84 months

Margin

• 20% Margin on ‘On road price’ of the vehicle

Age

• Minimum: Borrower – 21 years, Co-applicant- 18 years
  Maximum: Age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years

Security

• Hypothecation of Vehicle financed

Insurance

• Comprehensive Insurance of the Vehicle with Bank’s Clause

Pre-closure charges

• NIL

RATE OF INTEREST

Concession in ROI: Concession of 0.25% in rate of interest on Car Loans to our existing Home Loans borrowers who maintain a good track record of repayment without any overdue.

Unified Processing Charges

Get auto financing for your dream car with a new car loan from Bank of Baroda. Apply for a car loan today.