Bank of Baroda car loan review

I want to take the car loan from Bank of Baroda. So I want the review Bank of Baroda car loan. Please give me the some reviews about the Bank of Baroda car loan. So I can decide weather I want to take the car loan or not?

Bank of Baroda provides car loans for buying new vehicles or second hand vehicles. You ca select the vehicles according to your needs and status. BOB provides Rs 100 lacs as loan amount for buying any vehicles.

Repayment period is 7 years and the processing fee is low.
0.25% concession for those who had taken home loan from the same bank and had good track record of repayment.

The age limit is 21 to 65 years

Rate if interest

Repayment period up to 5 Years
Base Rate + 2.00%
Repayment period above 5 Years
Base Rate + 2.50%

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Answered By StudyChaCha Member

Bank of Baroda is an Indian state-owned banking and financial services company, headquarter of BOB is situated in Vadodara in Gujarat, India.

Bank of Baroda offers a wide range of retail loans to meet your diverse needs. Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste.


Documentation needed to apply for Bank of Baroda Car Loan:

1. Photo ID and age proof

2. Signed application form with photograph

3. Residence proof

4. Last 6 months bank statement

5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns

6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


Bank of Baroda Car Loan Interest Rates:
Bank of Baroda Car Loan Details Interest Rate (Monthly reducing balance):
BR + 0.25% floating
I-Base – 10.25%

Processing Fees:
Upto Rs.15 L - 0.75% (Max Rs.10, 000/-) floating
Over Rs.15 L - 0.50% (Min. Rs.10, 000/-) floating

Loan Tenure:
1 year to 7 years



Key Benefits:

Loans available up to Rs 100 Lacs for any car

Loans can be availed for new and second-hand vehicles

Repayment period as long as 7 years

Low interest rates

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Answered By StudyChaCha Member