Bank of Baroda Car Loan – Interest Rates, Documents, Eligibility of BOB Car Loans. Details on Processing Fees & Charges of Bank of Baroda for New & Used Cars.
The Auto Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste.
Bank of Baroda also presents a unique add on facility for installation of CNG / LPG gas-kit in new/old (not more than 3 years) four wheeler. Save money. Save earth. Convert to alternative fuel today and bank on us for your financial requirements.
- Loans available up to Rs 100 Lacs for any car make/model (Inclusive of Gas-Kit).
- Loans can be availed for new and second-hand vehicles (Not more than 3 years old).
- Repayment period as long as 7 years.
- Low interest rates.
Want to Calculate EMI for Car loan – Calculate Here
Why to Choose Bank of Baroda Over Other Banks for Car Finance:
- Low processing fee.
- Zero prepayment charges
- Concession of 0.5 % in rate of interest to those who offer minimum 50% liquid security as collateral.
- Additional concession of 0.25% in interest rate to existing Home Loan borrowers having good track record of repayment.
Interest Rates of BOB Car Loans in India:
|Baroda Car Loan/ Baroda Car Loan to HNIs / Corporate w. e.f 01.07.2013|
|Repayment period upto 5 years||Base Rate + 0.25% i.e. 10.50% p.a. at present (irrespective of tenure)|
|Repayment period > 5 years|
Terms & Conditions and Eligibility Required for BOB Car Loans in India:
To qualify as an applicant for this loan, you need to be an employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates..
The maximum loan amount is Rs. 100 Lakhs, or twice of your gross annual income if you are salaried, and thrice of it (average of last 2 years gross annual income) if you are a businessman, whichever is lower.
Maximum loans upto Rs 0.25 lac available for installation of CNG/LPG Gas-Kit in new/old (not more than 5 years) four-wheeler, if taken separately.
- New Vehicles : 84 months.
- Second hand vehicles : 36 months.
- CNG/LPG Gas-Kit : 24 months. (If loan sanctioned is only for Gas-Kit)
- For loans upto Rs. 15 lacs:
- New Vehicles : 15% on road price of car
- For loans over Rs. 15 lacs:
- New Vehicles : 20%on road price of car
- Minimum – 21 years
- Maximum – present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others.
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