Bank of Baroda Car Loan IndiaApply Now
In today's life of everyone, a vehicle or Car has become a necessity. But some other expenses and plans are always there in life which takes priority and the dream of having own Car come after those needs. Whether you take vehicle or Car for your comfort of transport or for a status symbol in society, Bank of Baroda Loans Services always believes you deserve having your own Car.
Bank of Baroda offers Car Loans in such a way so that they can tailor to suits your need and matches to your status & taste.
It also provides a facility for installation of CNG / LPG gas-kit in new/old (not more than 3 years) four wheeler or Car which is an add on feature of this bank.
Benefits which one can avail from Bank of Baroda Car Loan
- For any car make/model (Inclusive of Gas-Kit), one can avail Car Loan up to Rs 100 Lacs.
- Bank of Baroda gives facility of car financing for both new as well as for old car but the old car should not be older than 3 years.
- To bring the burden of EMI’s as low as possible, Bank of Baroda gives repayment time period as long as for 7 years.
- Easy EMI and low interest rates also creates an additional advantage to for customers to choose baroda car loan for their car financing.
- If a customer before the completion of repayment period wants to repay the remaining loan amount at one shot then the customer doesn’t need to think about the additional prepayment charges as there is no prepayment charges levied by bank of baroda for their car loan prepayment
- One of the best benefits which this Bank of Baroda provides is that if customer gives liquid security as collateral for minimum of 50%of financing amount then there will be Concession in rate of interest (subject to condition that minimum applicable rate will be Base Rate).
- For existing Home Loan borrowers there is one more additional concession of 0.25% in interest rate if their repayment track has shown good track. (subject to condition that minimum applicable rate will be Base Rate).
Who can avail the Bank of Baroda Car Loan facility?
Following are eligible for this Car Loan facility
- An employee or a director of a public limited company is eliglible for this Loan facility.
- A businessman can apply for this loan facility.
- A professional is eligible to avail this loan.
- This loan is also available for proprietor / partner in a firm.
- Govt employee and HNIs / Corporates can also apply for the bank of baroda car loan facility.
What is the maximum quantum of Bank of Baroda Car Loan?
maximum Bank of Baroda Car Loan amount is
- If Applicant is salaried: Rs. 100 Lakhs, or Two times of gross annual income (whichever is lower)
- If Applicant is businessman Rs. 100 Lakhs, or Three times of gross annual income (average of last 2 years gross annual income) (whichever is lower) There is also facility of loan for installation of CNG/LPG Gas-Kit in new/old for maximum upto Rs 0.25 lac (if taken this separately).this facility is available if vehicle is not more than 5 years.
How much time will be available for Bank of Baroda repayment?
In case of new Vehicles: loan can be repaid up to 84 months.
In case of Second hand vehicles: loan is required to pay in maximum of 36 months.
In case, If loan sanctioned is only for Gas-Kit CNG/LPG Gas-Kit: 24 months will be available for repayment.
How much margin Bank requires?
- 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.) will be required as margin for new vehicle
- The lower of the 85% of the "Agreed Purchase Price" as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle will be required as margin For pre-owned vehicle.
Eligibility based on (Service Period of Applicant/ Repayment Age/Age of Firm & Company :
- In case of Salaried Person: The salaried person is required to fulfill their loan repayment liability at least three months before the date of retirement from service.
- For other than salaried person: Loan should be repaid before attaining the age of 70 years.
- Firm and Companies: To become eligible for loan, they should be in existence for at least 2 years.
Loan Limit (maximum loan can be given) Bank of Baroda Car Loan:
|1||For loans up to Rs 15 lacs||15% of on road price of car|
|2||For Loans More than of Rs15 lacs||20% of on road price of car|
- Minimum - 21 years
- Maximum ï¿½ present age + repayment period should not exceed retirement age in case of salaried person and
What are the criteria for rate of Interest in Bank of Baroda Car Loan?
Floating Rate: Bank of Baroda charges Interest on the basis of floating rate on daily reducing balance at monthly rests, however rate of interest is subject to revision from time to time.
Is there any charges related to Bank of Baroda Car Loan?
Yes there is Unified processing charges which includes processing charges, documentation charges, document verification charges and pre & onetime post sanction inspection charges to be levied as detailed below :
|For Loans upto||Rs 15/- Lacs :||0.75% (Maximum Rs 10000/-)|
|For Loans above||Rs 15/- Lacs :||0.50% (Minimum Rs 10000/-)|
What if customer pay loan before the completion of repayment period?
Customer is not required to worry if loan is repaid before repayment period as there is no prepayment Charges on foreclosure of loan.