{"id":4247,"date":"2018-05-22T13:38:06","date_gmt":"2018-05-22T08:08:06","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4247"},"modified":"2019-09-25T11:50:08","modified_gmt":"2019-09-25T06:20:08","slug":"bank-of-baroda-bob-car-loan-interest-rates","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/bank-of-baroda-bob-car-loan-interest-rates\/","title":{"rendered":"Bank of Baroda (BOB) Car Loan Interest Rates"},"content":{"rendered":"

Bank of Baroda offers loans that are designed to suit the needs of individuals and corporates looking to buy a car to suit their needs and requirements. Bank of Baroda finances a variety of cars and offers loans of up to Rs. 100 lakhs along with a maximum repayment tenure of 7 years. Apart from this, an additional unique facility offered is the installation of LPG\/CNG gas kit for cars thereby enabling customers to be more environmentally conscious.<\/p>\n

Bank of Baroda Car Loan Interest Rates Table<\/h2>\n\n\n\n\n\n\n\n\n
Base Rate<\/strong><\/td>\n8.60% to 10.35%<\/td>\n<\/tr>\n
Rate of Interest<\/strong><\/td>\nB.R + 0.25%<\/td>\n<\/tr>\n
Loan Tenure<\/strong><\/td>\nA maximum of 7 years<\/td>\n<\/tr>\n
Loan Amount<\/strong><\/td>\nA maximum of Rs. 100 lakhs<\/td>\n<\/tr>\n
Margin<\/strong><\/td>\n15%-20% on the road price of the car<\/td>\n<\/tr>\n
Prepayment Charge<\/strong><\/td>\nNil<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/div>\n

How to calculate Interest rate on my Bank of Baroda Car Loan<\/h2>\n

EMIs or\u00a0Equated Monthly Installments\u00a0is a flexible and easy way to repay car loans. These EMIs consist of both the principal amount and the interest amount and the interest portion depends on the rate of interest determined by the Bank of Baroda. Apart from this, the loan tenure also plays a significant role.<\/p>\n

The EMI amount that is to be paid can be calculated with a simple formula as illustrated below –<\/p>\n

E = P*r*[(1+r)^n\/((1+r)^n-1)]<\/strong><\/p>\n

In the above formula, E refers to the EMI, P is the principal amount, r refers to the interest rate and n is the number of years or tenure of the loan.<\/p>\n

Factors affecting Bank of Baroda Car Loan Interest Rates<\/h2>\n

The variables that impact the interest rates for\u00a0Bank of Baroda Car Loan\u00a0are essentially what drive customers looking to avail car loans. To put it simply, lower interest rates are what everyone seeks so that they can reduce their overall loan expenses. It is also important to note that there are multiple factors that affect interest rates for a Bank of Baroda Car Loan. Some of these factors are –<\/p>\n