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Baroda Car Loan

More Benefits

  • Low processing fee.

  • Zero prepayment charges

  • Concession in rate of interest to those who offer minimum 50% liquid security as collateral (subject to condition that minimum applicable rate will be Base Rate).

  • Additional concession of 0.25% in interest rate to existing Home Loan borrowers having good track record of repayment (subject to condition that minimum applicable rate will be Base Rate).

Terms & Conditions

  • To qualify as an applicant for this loan, you need to be an employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates..

  • The maximum loan amount is Rs. 100 Lakhs, or twice of your gross annual income if you are salaried, and thrice of it (average of last 2 years gross annual income) if you are a businessman, whichever is lower.

  • Maximum loans upto Rs 0.25 lac available for installation of CNG/LPG Gas-Kit in new/old (not more than 5 years) four-wheeler, if taken separately.

  • Repayment :

    New Vehicles : 84 months.
    Second hand vehicles : 36 months.
    CNG/LPG Gas-Kit : 24 months. (If loan sanctioned is only for Gas-Kit)

  • Margin :

    For loans upto Rs. 15 lacs:
    New Vehicles : 15% on road price of car
    For loans over Rs. 15 lacs:
    New Vehicles : 20%on road price of car

  • Age :

    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.

RATE OF INTEREST: (CLICK HERE FOR CURRENT INTEREST RATES).
PROCESSING CHARGES: (CLICK HERE FOR DETAILS)

Most Important Terms & Conditions (MITCs) For Car Loans Click here to expand or collapse

Purpose :- For purchase of New/ Old (not more than 3 years) Car 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 for new vehicles and 36 months for old vehicles

Rate of Interest :-

Floating Rate :- Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is subject to revision from time to time

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.

Unified Processing Charges :- Unified processing charges (which includes processing charges, documentation charges, document verification charges and pre & one time post sanction inspection charges) to be levied as detailed below :-

Loans upto    Rs 15/- Lacs            : 0.75% (Maximum Rs 10000/-)
Loans above Rs 15/- Lacs           :  0.50% (Minimum Rs 10000/-)

(Service Tax to be recovered separately in addition to the above)

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: No prepayment Charges on foreclosure of loan.

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. In case of 2nd hand car, the existing insurance policy be got transferred to the name of borrower with Bank’s clause.

Other Terms & Conditions:-

  1. Bank will directly make the payment of Car to car dealer by issuing Banker’s Cheque or Demand Draft.
  2. In case of 2nd hand cars, certificate as to value and residual life of the Car shall be obtained by borrower with his own expenses.

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 Latest Rate of Interest, Margin etc. please visit http://www.bankofbaroda.co.in/pfs/carloans_more_test.asp link at our internet site

 


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



> Home Loan > Home Loans to NRIs / PIOs
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> Interest Subsidy Scheme For Housing The Urban Poor (ISHUP)
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> Loan to Doctors > Traders Loan > Personal Loan
> Loan for financing Individuals for subscription to Public Issues /IPO
> Baroda Ashray (Reverse Mortgage Loan)
> Baroda Advance Against Gold Ornaments /Jewellries (At Urban & Metro Centres)
> Baroda Traders Loan Against the Security of Gold Ornaments /Jewellries (At Urban & Metro Centres)
> BarodaBaroda Additional Assured Advance (AAA) (Resident / NRIs /PIOs)
> Baroda Traders Gold Card Scheme
> Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)
> Baroda Premium Personal Loan






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