Bank of Baroda Car Loan

Bank of Baroda is around 107 years old and is one of the largest banks in India, second only to State Bank of India. Maharaja Sayajirao Gaekwad III founded Bank of Baroda in 1908, and at that time it was not a government bank. However, in 1969, Bank of Baroda became a nationalized bank. Bank of Baroda’s assets total around Rs. 3.58 trillion and has a wide network of branches (5326) and over 8000 ATMs.

Bank of Baroda offers consumer banking, corporate banking, investment banking, retail banking, and wealth management, amongst others. Bank of Baroda has total assets of over $113 billion. Bank of Baroda has been awarded as the Best Public Sector Bank, under the category of Global Business at the Dun & Bradstreet Banking Awards in 2015.

Overview of Bank of Baroda Car Loan

Bank of Baroda car loans are one of the most popular and sought after car loans. Their popularity can be attributed to the fact that the bank provides numerous benefits to avail car loan and has reasonable EMI schemes that fits every budget. Bank of Baroda offers flexible repayment loan options, low interest rates and low processing fees, all of which makes Bank of Baroda a natural choice for car loan seekers.

Bank of Baroda also offers a unique add on facility for set up of Compressed Natural Gas CNG or Liquefied Petroleum Gas (LPG) fuel-kit in new/used vehicles that are not more than three years old. It is a great way to save money and energy but also to give our planet a more sustainable future.

Why to Pick Bank of Baroda Car Loan?

Bank of Baroda car loan is highly sought after for a variety of reasons. Let us see some of the features of Bank of Baroda car loan that makes it a popular pick

  • The loan amount available at Bank of Baroda is comparatively higher than any other bank offering, loan amount available upto Rs. 100 lakhs.
  • Bank of Baroda offers loan not only for new petrol and diesel cars but also for cars with a CNG gas kit.
  • The loan repayment term at Bank of Baroda can be taken for as long as 7 years.
  • The loan approval amount at Bank of Baroda car loan is twice the annual income for salaried employees.
  • There is no pre-closure loan penalty when you avail Bank of Baroda car loan.

Features of Bank of Baroda Car Loan

Bank of Baroda Car Loan offers a variety of features and benefits as mentioned here

  • You can pre-pay the car loan anytime without having to pay any pre-closure charges or fees.
  • Bank of Baroda sanctions loan for cars for upto Rs. 100 lakhs.
  • Bank of Baroda has lower processing fees than other banks.
  • Existing Bank of Baroda home loan borrowers can avail an additional discount of 0.25% interest rate, which is subject to approval.
  • Bank of Baroda also offers lower interest rates in case the borrower submits a liquid security for 50% of the car value.
  • Repayment of car loan can be extended upto 7 years hence it reduces the monthly EMI amount.

Benefits of Applying Bank of Baroda Car Loan on Letzbank

Our goal at Letzbank is to help you discover the simplest financial resolution as per your individual desires. We provide clear and precise comparisons between completely different banks and allow you to decide with ease – all at one place. Therefore, you need not waste time and energy searching different bank websites. We also gather Instant Quotes with the press of a button to help you decide in a timely manner. Simply follow the steps on applying for a loan on our responsive website and let us help you with the process. And what’s more, we don't charge in the least for any of those services, it's completely free!

Bank of Baroda Car Loan Eligibility And Documents Required

As such every bank has a different eligibility criteria according to their requirements. However, as a good practice, maintaining a good credit score and making payments on time go a long way in being eligible for a loan of any type

The specific eligibility to avail Bank of Baroda Car Loan and the documents required is as follows:

For Salaried Individuals

As per the Bank of Baroda eligibility, one must be at least 21 years of age and not over the retirement age.

The documents required for the Bank of Baroda car loan are: an identity proof, an age proof with a photo identification, an address proof, salary slip for the last three months and current form 16 or ITR and last six months’ salaried bank account statement.

For Self-Employed Individuals

The eligibility for self employed individuals for Bank of Baroda Car Loan should be a minimum age of 21 years and maximum age of 65 years.

The Documents Required for self employed individuals are: an identity proof, address proof, proof of age with a photographic identification, Income Tax returns for the last three years which has an income slab, audited balance sheet and profit & loss statement for the last three years and bank statement for the last six months.

Bank of Baroda Car Loan Interest Rates

The interest rates for Bank of Baroda are from 9.90% to 11.65% per annum.

Bank of Baroda Car Loan EMI Calculator

In order to determine your monthly EMI amount, Letzbank has an EMI calculator that is simple and user-friendly. You simply need to input the loan amount,the tenure period and the rate of interest and Letzbank EMI calculator will be able to calculate your monthly EMI for you within seconds.