Bank of Baroda offers new car loan amounts up to Rs. 1 crore at low interest rates starting from 7.35%. With a 7-year loan tenure, no prepayment or foreclosure fees, and flexible eligibility criteria, BOB has one of the best new car loans for eligible borrowers. In order to avail a Bank of Baroda car loan, however, you must have a minimum CIBIL score of 701. ValueChampion recommends the BOB car loan to borrowers with a good repayment capacity and history.
|Summary of Bank of Baroda Car Loan|
|Loan amounts up to Rs. 1 crore|
|New car loan interest rates from 7.35%|
|No used car loans available|
|NRIs and PIOs can apply|
Table of Contents
What Makes Bank of Baroda Car Loans Stand Out to Borrowers
Bank of Baroda car loans stand out for their large loan amounts and very low interest rates. If you are seeking a more expensive car like a sports car or luxury vehicle, ValueChampion recommends that you consider Bank of Baroda for your car financing needs. However, it's important to keep in mind that while the BOB car loan has exceptional features, it is only available to high-earning borrowers or those with a minimum CIBIL score of 701.
Bank of Baroda only provides new car loans. If you are in need of a used car loan, read our guide on the Best Used Car Loans in India.
Bank of Baroda Car Loan Interest Rates
Bank of Baroda car loan interest rates are amongst the lowest rates in India. BOB car loans charge interest between 7.35% and 10.10%, ranking BOB as the second-lowest interest car loan amongst the lenders we analysed. Your final interest rate will be determined by your risk rating, with a minimum CIBIL score requirement of 701.
For borrowers who do not obtain credit insurance cover, a risk premium of 0.05% will be added to their final interest rate. Additionally, existing BOB home loan borrowers with a good credit history can receive a 0.25% concession from their BOB car loan interest rate.
Bank of Baroda Car Loan Eligibility
Bank of Baroda car loans are open to a variety of borrowers including salaried and self-employed applicants, agriculturalists and farmers, and non-resident Indians (NRI) and Persons of Indian Origin (PIO). Applicants between the ages of 21 and 70 years old (by loan maturity) are eligible for a BOB loan. Additionally, co-applicants can be as young as 18 year olds.
BOB car loans finance up to 90% of your desired vehicle's valuation, with a maximum loan amount of Rs. 1 crore. However, your car loan eligibility will be determined by your repayment capacity. In addition to your income, your CIBIL score will be a significant factor in determining your loan eligibility and interest rate. It's important to note that Bank of Baroda has a CIBIL score minimum cut off of 701.
Lastly, the Bank of Baroda car loan can be paid off over a 7-year period. The BOB loan tenure is standard for new cars and allows borrowers to pay lower EMIs over a longer period of time.
Bank of Baroda Car Loan Processing Fee and Other Charges
The Bank of Baroda car loan processing fee of 0.50% is comparably higher than other banks we reviewed, however, this is expected for large loans. Be prepared to pay a one-time instalment up to Rs. 10,000.
That being said, it's still possible to save money with Bank of Baroda's zero foreclosure and prepayment penalty fees. Other lenders can charge up to 6.00% of the outstanding loan amount, which significantly drives up your total cost of borrowing. If you plan to pay down your car loan in advance, Bank of Baroda is a good option to consider.
Bank of Baroda Car Loan EMI Calculator
Use a car loan calculator to estimate your equated monthly instalments before applying. With large loans like the BOB car loan, it's important to make sure you can afford your EMIs before you send in your application.
By inputting your car loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the Bank of Baroda car loan calculator.
Bank of Baroda Car Loan EMI Repayment Schedule
To help you visualize how much you will need to pay each year of your loan tenure, our financial experts calculated an EMI repayment schedule, as shown below.
|Stage of Loan Tenure||EMI||Interest Paid||Principal Paid||Outstanding Balance|
Bank of Baroda Car Loan: Apply
You can begin your Bank of Baroda car loan application online. You will standard required documents for proof of identity, address and income. All borrowers must submit income tax returns (ITRs).
Bank of Baroda Car Loan Customer Care
If you have any queries about the Bank of Baroda car loan application process or would like to check the status of your application, contact BOB customer care through any of the methods below.
- Bank of Baroda Car Loan Contact Number: 1800 258 44 55 or 1800 102 44 55
- BOB Car Loan Customer Care For NRIs Overseas: +91 79-49044100
- Apply for a Bank of Baroda Car loan application.
- Download BOB car loan application form.
- Check your Bank of Baroda Car Loan status.
- Find your nearest Bank of Baroda branch.