The Bank of Baroda (BoB) has a long history of providing excellent service to its customers, having been established in 1908 by Maharaja Saijirao Gaekwad III and Maharaja of Baroda. The Mumbai-based lender has run a smooth operation since its inception. Its performance can be measured by its development from a small building in Baroda to about 5,000 locations. Customers can choose from a variety of items available from the bank. If you want to purchase a auto, BoB will assist you in obtaining a suitable auto loan.
ELIGIBILITY CRITERIA
For auto loan approval, the Bank of Baroda has set a few eligibility criteria. If you want to take a look at them? Take a look at the points mentioned below.
- When applying for an auto loan, you must be at least 21 years old. The maximum age allowed by the time the loan term is about to expire in 60 years. Self-employed applicants must be at least 18 years old at the time of application and no more than 65 years old at the time of loan maturity.
- While salaried applicants must have at least one year of continuous work, self-employed applicants must remain in the same line of business for at least three years.
BANK OF BARODA AUTO LOAN FEES AND CHARGES
The following is a list of the key fees and charges imposed by Bank of Baroda on their auto loans:
| Category | Charges |
| Rate of interest | Starts from 7.35% p.a.
Auto Loan: One-year MCLR + Strategic Premium + interest rates ranging from 0.25% to 2% depending on the applicant’s risk rating. Auto Loan to Corporates: One-year MCLR + Strategic Premium + interest rate of 0.25% |
| Processing Fee | 0.50% of the loan amount that is availed. However, the minimum and maximum fee that can be levied are Rs.2,500 and Rs.10,000, respectively. |
| Foreclosure charges | Nil |
| Pre-payment penalty | Nil |
HOW TO APPLY FOR A BANK OF BARODA AUTO LOAN?
ON BANK OF BARODA WEBSITE.
- Visit the official website of Bank of Baroda.
- Click on ‘Vehicle Loan’, which can be found under the ‘Loan’ tab.
- On the next page, click on ‘Apply Now’ under the ‘Auto Loan’ section.
- On the next page, you must enter your name, email ID, mobile number, state, city, make and model of the auto, and the verification code.
- Check on the consent box and click on ‘Submit’.
- A Bank of Baroda representative will contact you once the above step is complete.
VISITING THE BANK BRANCH
The application form can also be downloaded from the Bank of Baroda website and submitted to a bank branch.
The form can be downloaded on https://www.bankofbaroda.in/writereaddata/Images/pdf/Auto-Personal-loan-new.pdf
Before submitting the form, all relevant information must be filled in.
