Bank of Baroda Car Loan – Interest Rates 2020, Documents, Eligibility of BOB Car Loans. Details on Processing Fees & Charges of Bank of Baroda for New & Used Cars and calculate EMI with Bank of Baroda Car loan emi calculator.
The car 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.
Bank of Baroda Car Loan Interest Rates 2020
|Interest Rates||7.75% – 9.75%|
|Repayment Period||7 Years|
|Maximum loan amount||1 Crore|
|Eligibility based on Repayment capacity||Up to 60 % of Gross monthly Income|
|PROCESSING CHARGES||0.50% of loan amount|
Bank of Baroda Car Loan EMI Calculator
Bank of Baroda car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.
- Loan Amount = Rs. 7,00,000
- Monthly Installment (EMI) = Rs. 14,463
- Total Interest Amount = Rs. 1,67,780
- Total Amount (Principal + Interest) = Rs. 8,67,780
|1||Rs. 116,583||Rs. 56,973||Rs. 583,417|
|2||Rs. 127,269||Rs. 46,287||Rs. 456,148|
|3||Rs. 138,930||Rs. 34,626||Rs. 317,218|
|4||Rs. 151,662||Rs. 21,894||Rs. 165,556|
|5||Rs. 165,661||Rs. 7,997||Rs. 0|
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.
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.