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Bank of Baroda brings best car loan that is suited for the kind of lifestyle you live. Owning a car is a necessity now. To spend some quality time with your loved ones for short journeys a car is one of the best assets you can invest. BOB car loan is therefore, designed to meet all your requirements in case of the car that you shall purchase or the features of the loan scheme. Bank of Baroda Car Loan also provides you with the facility of add-on installation of CNG/LPG gas kit.
Bank of Baroda Car Loan Quick Approval
Bank of Baroda Car Loan Interest Rates
|Interest Rates||8.40% – 10.15%|
|Processing Fees||0.50% of Loan amount, Minimum Rs.2,500/- Maximum Rs.10,000/-|
|Eligibility||· Salaried Employee
· Self-Employed Non-Resident Indians(loan granted if he/she has a joint account with any Resident Indians).
· The maximum age of the applicant must not exceed 65 years of age at the time of availing the loan amount.
· Partnership Firms
|Nature of Facility||Demand Loan/Term Loan(for 2nd hand vehicles only Demand Loan.|
|Income Criteria||Salaried Employees/Pensioners
· The minimum Net take Home Salary must be up to 40% up to a loan amount of Rs 1 lac.
· For an amount of Rs 1 lac to up to rs 5 lacs then a the Net Take Home Salary must be up to 30%.
· Above Rs 5 lacs than the Net Take Home Salary is 25%.
|Maximum Loan Amount||The maximum loan amount for different categories are listed as under :
· Individuals(Resident Indians) : Rs 50 lacs for Indian make vehicles, Rs 1 crore for corporate and companies entities.
· Non-Resident Indians : Rs 50 lacs
|Margin||· Up to Rs 10 lacs : No margin
· Above Rs 10 lacs up to Rs 25 lacs : 15% margin of on-road price.
· Above 25 lacs : 25% margin of on-road price of the vehicle.
|Security||· The bank shall claim the vehicle as security until and unless the loan installment is accomplished.
· Charge to be registered with the RTO
· The applicant mst obtain a third party guarantee in case of loan the NRIs.
|Documents Required||· Identity Proof
· Address Proof
· Signature Proof
· Income Proof (Latest Salary Slip)
· Bank Statement
· Audited Balance sheet/ITR of 2 years for self-employed individuals like businessman/sole proprietary etc.
· Passport size photograph
· Application Form.
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