The Bank of Baroda (BoB), established in 1908 by Maharaja Saijirao Gaekwad III and Maharaja of Baroda, has a long history of providing excellent service to its customers. Since its inception, the Mumbai-based lender has gone about its business smoothly. Its growth from a small building in Baroda to about 5,000 locations speaks volumes about its success. Customers can select from a wide range of products offered by the bank. If you want to buy a car, BoB will help you with a suitable car loan.
ELIGIBILITY CRITERIA
For car loan approval, 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 a car loan, you must be at least 21 years old. The maximum age allowed by the time the loan term is about to expire is 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 CAR LOAN FEES AND CHARGES
The following is a list of the key fees and charges imposed by Bank of Baroda on their car loans:
| Category | Charges |
| Rate of interest | Starts from 7.35% p.a.
Car Loan: One-year MCLR + Strategic Premium + interest rates ranging from 0.25% to 2% depending on the applicant’s risk rating. Car 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 CAR 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 ‘Car Loan’ section.
- On the next page, you must enter your name, email ID, mobile number, state, city, make and model of the car, 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 at a bank branch.
The form can be downloaded on https://www.bankofbaroda.in/writereaddata/Images/pdf/Car-Personal-loan-new.pdf
Before submitting the form, all relevant information must be filled in.
