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Baroda Car Loan to NRI/PIO :

Eligibility /Beneficiary

  • NRIs /PIOs

  • Close Relatives of NRI/PIO

  • If the applicant is NRI/PIO, close relative of the applicant (who is a resident Indian) should be a guarantor or co-applicant.

  • If the applicant is close relative of NRI/PIO, the NRI/PIO must be a co-applicant.

  • The NRI/PIO having a regular job abroad in a reputed Indian/foreign company, organization or government department.

  • The NRI/PIO must be holding a valid job contract/ work permit for minimum past 2 years or employed/self-employed or having a business unit and staying abroad at least for 2 years.

  • The NRI/PIO (salaried class) must have minimum gross annual income of Rs.5.00 Lacs.

  • The NRI/PIO (non-salaried class) must have minimum gross annual income (average of last -2- years) of Rs.5.00 Lacs.

  • Borrower must be physically fit and must possess a driving license or must be in a position to engage a driver.

  • Registration of the vehicle should be done in the name of applicant/co-applicant having local residential address proof. In case of PIOs, the vehicle may be registered in the name of close relative who stood as applicant/co-applicant.
      Close relative of NRI/PIO should fulfill any one of the following relationships with the NRI/PIO:
  1. Spouse
  2. Father
  3. Mother (including step-mother)
  4. Son (including step-son)
  5. Son's wife
  6. Daughter (including step-daughter)
  7. Daughter's husband
  8. Brother (including step brother)
  9. Brother's wife
  10. Sister (including step-sister)
  11. Sister's husband
  12. Grand Son
  13. Grand Daughter
For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc for private use.
New Cars : Maximum 84 months
Based on Car segment & Income level
Minimum : 21 years
Maximum : present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others

Hypothecation of Vehicle

Tangible collateral Security covering at least 25% of the loan amount, in the form of LIC Policy, NSC, KVP or Fixed Deposit of our Bank.
Tangible collateral security can be waived by the sanctioning authority if the borrower /NRI/PIO is:

  • an existing Home Loan borrower of our Bank who maintain a good track record of repayment (for minimum period of 2 years) with nil over dues

  • (OR)

  • an existing customer maintaining Deposit accounts with our Bank with an average deposit relationship of Rs.1.00 Lac for atleast -3- years.
  • Maximum Amoount
    • Loan amount eligible is to be derived on the basis of the income of the NRI/PIO.
    • No minimum income criteria for close relative of NRI/PIO who stand as a co- applicant or guarantor.

    Maximum Loan limit:

    For New Vehicle : Rs. 100.00 Lac

    Income Criteria (Income Multipliers )

    Salaried Person


    GMI less than Rs.50,000: -24- times of average of last -3- months Gross Monthly Income

    -4- Times of average of last -2- years Gross annual Income.

    GMI 50,000 and above but less than Rs.1,50,000:-30- times of  average of last -3- months Gross Monthly Income

    GMI 1,50,000 and above: -36- times of  average of last -3- months Gross Monthly Income



    Pre closure Charges

    Prepayment within -6- months: 4% of outstanding as per original Repayment/EMI Schedule

    Prepayment after -6- months:- Nil
    Most Important Terms & Conditions (MITC) For Car Loans to NRI/PIO Click here to expand or collapse

    Purpose :- For Purchase of New Vehicle for private use

    Maximum Amount :- Rs 100 lacs

    Security :-

    1. Hypothecation of Vehicle.
    2. Bank's charge on Registration Document to be noted with RTO. Bank will keep certified Xerox copy of RTO Registration having Bank's name as financier in its records.

    Maximum Repayment Period :- 84 months

    Rate of Interest :-
    Floating Rate :- Rate of Interest is based on Bureau Score. Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests
    Penal Interest :-If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.


    Other Expenses: - like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.

    Prepayment Charges: Prepayment within -6- months: 4% of outstanding as per original EMI Schedule. Prepayment after -6- months: Nil.
    Inspection : Bank will have the right to inspect the Vehicle at any time...
    Insurance: Comprehensive Insurance of the Vehicle with Bank's clause is required. Charges to be borne by borrower.
    Other Terms & Conditions:-

    1. Bank will directly make the payment of Car to car dealer by issuing Banker's Cheque or Demand Draft.

    Credit Information Report: Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Govt of India or Reserve Bank of India without any notice to the borrower.


    For further details, please contact the Bank of Baroda Branch nearest to you.

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