The key will be in your hands.

Explore car loans from Bank of Baroda.

  • Eligibility
  • Purpose
  • Amount
  • Margin
  • Repayment
  • Rate of Interest
  • Security
  • Processing Fees
  • Documents Required
  • Sanctioning Authority
  • Permanent employees (of government., parastatal bodies, reputed public and private companies)
  • Self-employed/businessmen having regular source of income with minimum monthly income of Rs. 10,000
  • Corporates, proprietors, partners, directors of private/public ltd. company with min. monthly income of Rs. 20,000
  • For purchase of car for personal use
  • Maximum Rs. 30,00,000 for new vehicles
  • Maximum Rs. 10,00,000 for reconditioned/second-hand cars not more than 5 years old
  • Maximum Rs. 6,00,000 for reconditioned/second-hand cars older
  • For new cars - 20% of purchase price
  • For reconditioned/second-hand cars not more than 5 years old - 25% of purchase price
  • For reconditioned/second-hand cars which are older than 5 years but not more than 7 years old - 40% of purchase price

(Purchase price includes cost of car, VAT registration charges/road tax and insurance.)

  • For new cars - 7 years
  • For reconditioned/second-hand cars not more than 5 years old - 7 years
  • For others - 3 years

(Loan repayment to commence one month after disbursement.)

At PLR, in following cases:-

  • If the applicant provides securities by way of FDR/assignment of life insurance policies/creation of 1st rank charge on property equal to 50% of loan amount
  • If the applicant is our existing client availing housing loan under standard category
  • For people having gross minimum salary of Rs. 50,000/- p.m. and salary is pledged in favour of the bank
  • If the applicant is our existing client availing credit facilities under standard category where he has created 1st rank fixed charge on the properties (excluding housing loan)
  • For others - PLR +1.00%
  • Gage sans deplacement
  • Salary pledge
  • Comprehensive insurance assigned in bank’s favour
  • Option for getting interest concession
  • Lien on FDR/assignment of life insurance policies
  • 1st rank fixed charge on the property
  • 1.00% of loan amount – Minimum Rs. 2,500; Maximum Rs. 15,000 (One-time fee, No processing charges to be charged at the time of renewal)
  • Copy of national ID card
  • Copy of driving license for vehicle for which loan is applied
  • Salary slips of last 3 months for salaried, and MRA return for businessman
  • Quotation for the cost of vehicle
  • Time frame for taking credit decision/disposal of proposal from the date of submission of data/information is within 10 working days for all credit facilities up to Rs. 3,00,000.
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