Bank Of Baroda Car Loan
Bank of Baroda is an Indian state-claimed saving money and budgetary administrations organization headquartered in Vadodara (before known as Baroda) in Gujarat, India. It is the second-biggest bank in India, after State Bank of India, and offers a scope of managing account items and money related administrations to corporate and retail clients through its branches and through its specific auxiliaries and partners. Bank of Baroda offers an extensive variety of retail advances to meet your different needs. Regardless of whether the need is for another house, kid’s training, buy of another auto or home machines, their one of a kind and need particular advances will empower you to change over your fantasies to substances. The Car Loans from Bank of Baroda are intended to back the auto that suits your need and matches to your status and taste. Bank of Baroda likewise shows a novel extra office for the establishment of CNG/LPG gas-pack in new/old (not over 3 years) four-wheeler. Spare cash. Spare earth. Change over to elective fuel today and put money on them for your monetary prerequisites. Keep perusing to see more insights about this credit.
Documentation needed to apply for a Bank of Baroda Car Loan
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with a computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Bank of Baroda Car Loan Interest Rates
Updated on 14 Feb 2018
| Interest Rate | 8.60% to 10.35% |
| Processing Fees | Rs.2500 to Rs.10000 |
| Loan Tenure | 7 years |
| Pre Closure Charges | 4% of Principal outstanding within 6 months, after 6 months – Nil |
Features of a Bank of Baroda Car Loan
- Unified processing charges are levied on BoB car loans which include documentation charges, processing charges, inspection charges and document verification charges. For loan amounts up to Rs 15 lakhs, a processing fee of 0.75% of the loan amount is charged, with a minimum being Rs 10,000/-. For loan amounts above Rs 15 lakhs, a processing fee of 0.50% of the amount is imposed, with a minimum being Rs 10,000/-. GST rates will also be levied in addition to the processing fees but will be collected separately.
- A borrower looking to pre-close his Bank of Baroda car loan can easily do so without paying a penny more, as the bank does charge any pre-closure penalty.
- The maximum loan amount sanctioned by Bank of Baroda is up to Rs 100 lakhs for all makes and models of cars. For salaried employees, the loan amount approved is generally twice the gross annual income. Loan amounts sanctioned for businessmen are calculated as an average of the last two year’s gross annual income or just three times the gross annual income, whichever is lower.
- Customers can take Bank of Baroda car loans with repayment tenures up to 84 months.
- For installation of CNG-LPG gas kits, a borrower can take a maximum loan of up to 0.25 lakhs
