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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
Purpose
For purchase of New Four wheeler (i.e., Car, Jeep, Station wagon etc.) for private use.
For purchase of Old Four wheeler (not more than 3 Years) for private use.
Take over of existing Car Loans from other Banks.
Repayment
New Cars : Maximum 84 months
Old Cars : Maximum 36 months
Take over : Total repayment period with our Bank plus the period of loan already lapsed with existing Bank should not exceed 84 months.
Margin
Loans upto Rs. 15.00 Lac : 15% on �On Road Price�
Loan above Rs.15.00 Lac : 20% on �On Road Price�
(On Road price includes Invoice Price, Road Tax, Cost of Registration and Insurance)
Old Vehicle : 40% of Agreed Sale Price
Age
For applicants & guarantors

Minimum : 21 years
Maximum : 65 years

Age of the NRI/PIO + tenure of the Loan should not exceed 65 years.
Security
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

    For Old vehicle : Rs. 10.00 Lac

    Subject to:

  • 24 times of gross monthly income for salaried persons
  • 2 times of gross annual income (average of last 2 years) for others

  • In case of takeover:

  • Outstanding balance in the existing account or 85% of cost of the vehicle (on Road Price), whichever is lower, subject to the above conditions for maximum limit
  • Rate of Interest - Base Rate + 0.25%

    Unified Processing Charges (One time)
    Car Loan:
    • Upto Limit Rs.15.00 Lac : 0.75% of Loan amount [with a maximum Rs.10,000/- + Service Tax]
    • Limits over Rs.15.00 Lac : 0.50% of Loan amount [with minimum Rs.10,000/- + Service Tax (No maximum amount)]
    Pre closure Charges :- -Nil-
    Most Important Terms & Conditions (MITCs) For Car Loans to NRI/PIO Click here to expand or collapse

    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

    Margin
    • Loans upto Rs. 15.00 Lac : 15% on �On Road Price�
    • Loan above Rs.15.00 Lac : 20% on �On Road Price�

    • On Road price includes Invoice Price, Road Tax, Cost of Registration and Insurance)
      Old Vehicle : 40% of Agreed Sale Price

    Age
    • For applicants & guarantors
    • Minimum : 21 years
    • Maximum : 65 years
    Age of the NRI/PIO + tenure of the Loan should not exceed 65 years.


    Purpose :-

    • For purchase of New Four wheeler (i.e., Car, Jeep, Station wagon etc.) for private use.
    • For purchase of Old Four wheeler (not more than 3 Years) for private use.
    • Take over of existing Car Loans from other Banks.

    Maximum Amount :- 
    • 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

    For Old vehicle : Rs. 10.00 Lac

    Subject to:

    • 24 times of gross monthly income for salaried persons
    • 2 times of gross annual income (average of last 2 years) for others
    In case of takeover:
    • Outstanding balance in the existing account or 85% of cost of the vehicle (on Road Price), whichever is lower, subject to the above conditions for maximum limit

    Security :-


    • 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 Repayment Period :-
    New Cars : Maximum 84 months
    Old Cars : Maximum 36 months
    Take over : Total repayment period with our Bank plus the period of loan already lapsed with existing Bank should not exceed 84 months.


    Rate of Interest :-  Base Rate + 0.25%

    Unified Processing Charges (One time) :-

    Car Loan:
    • Upto Limit Rs.15.00 Lac : 0.75% of Loan amount [with a maximum Rs.10,000/- + Service Tax]
    • Limits over Rs.15.00 Lac : 0.50% of Loan amount [with minimum Rs.10,000/- + Service Tax (No maximum amount)]
    Pre closure Charges :- -Nil-


     


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



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