Bank of Baroda Car Loan
Last Updated : March 21, 2017, 10:15 a.m.
About Bank of Baroda Car Loan
Bank of Baroda (BoB), established in 1908 by Maharaja Saijirao Gaekwad III and Maharaja of Baroda, is enjoying a massive experience of serving the customers efficiently for long. The Mumbai-headquartered lender has moved along smoothly since the time of its inception. From a small building in Baroda to now running around 5,000 branches speaks volume of its success.
The bank has an extensive line of products for the customers to choose from. If you are looking to buy a car, there is a suitable car loan available at BoB.
Bank of Baroda Car Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rate | 7% onwards |
| Loan Amount | Upto₹1 Cr |
| Tenure | Upto 7 Years |
| Processing Fee | 0.50% of Loan amount Minimum: ₹2,500/- Maximum ₹10,000/- + GST |
| Pre-payment Charges | NIL |
Bank of Baroda Car Loan EMI Calculator
The EMI calculator is a tool to calculate the monthly installments payable on a car loan. The installments combine the portions of both principal and interest repayments. The EMI is dependent upon three factors-Interest rate, loan amount and the tenure of the loan. If you apply for a 7-year car loan of ₹ 5 lakhs, the EMI at the existing interest rates of 7% onwards per annum would be ₹ 7,969 – ₹ 8,483. The interest and overall repayments would be ₹ 1,69,364 – ₹ 2,12,534 and ₹ 6,69,364 – ₹ 7,12,534 over the course of 7 years.
Eligibility Criteria
Bank of Baroda has placed few eligibility criteria for car loan approval. Want to look at those? Glance at the points below.
- Salaried must be a minimum of 21 years while applying for a car loan. By the time loan tenure is about to expire, the maximum age permitted is 60 years. Self-employed, on the other hand, must be a minimum of 18 years at the time of application and a maximum of 65 years at loan maturity.
- While salaried must have a 1-year of continuous employment, self-employed should stay for atleast 3 years in the same line of business.
Documentation
For Salaried
Identity Proof-PAN Card/Voter ID/Aadhaar Card/Passport
- Residence Proof-Aadhaar Card/Passport/Voter ID/Utility Bill
- Age Proof-PAN Card/Voter ID/Aadhaar Card/Educational Certificates
- Signature Verification Proof-PAN Card/Passport/Driving License
- Income Proof-Salary Slips of Last 3-6 Months, Form 16 for Last 2 Years, 6-month Bank Statement
- Pro-forma Invoice or Rate List
- Duly Signed Loan Agreement Copy with RTO Set
- Processing Fee Cheque
- Post-dated Cheques, ECS Mandate Form Duly Signed
- Photographs
For Self-employed
Identity Proof-PAN Card/Voter ID/Aadhaar Card/Passport
- Residence Proof-Aadhaar Card/Passport/Voter ID/Utility Bill
- Business Establishment Proof-Any of the Indirect Tax Registration Copy, Utility Bills of Shops
- Age Proof-PAN Card/Voter ID/Aadhaar Card/Educational Certificates
- Signature Verification Proof-PAN Card/Passport/Driving License
- Income Proof-ITR, Profit & Loss Account Statement and Audited Balance Sheet for the Last 2-3 Years
- Pro-forma Invoice or Rate List
- Duly Signed Loan Agreement Copy with RTO Set
- Processing Fee Cheque
- Post-dated Cheques, ECS Mandate Form Duly Signed
- Photographs