HomeBANKINGHow to Apply for a Bank of Baroda Car Loan?

How to Apply for a Bank of Baroda Car Loan?

Bank of Baroda Car Loan: Every person wishes for a happy family and a good house and car in his life. By any means, a person builds his home, but he does not have enough money for a car. So he is unable to get a vehicle to fulfill his dreams. But now it has become possible for you because directly you can contact Car Loan Bank Of Baroda at the lowest rate.

In this post, detailed information will be provided about each aspect of the Bank Of Baroda Car Loan. If you are interested in taking a car loan from the Bank of Baroda, then definitely read this post till now.

BOB Car Loan/Bank of Baroda Car Loan

Now you can take the ride of your dreams with a Car Loan from the Bank of Baroda. Bank of Baroda provides an auto loan facility to consumers wishing to buy a car. So buy the vehicle of your choice by availing Bank Of Baroda Car Loan to get the ride of your dreams.

With the help of BOB Car Loan, you can buy a hatchback, sedan, MUV, SUV, sports car, or a luxury car. Bank of Baroda offers auto loans for salaried employees, people in business, corporate people, professionals, even NRIs and PIOs. You can now avail of car loan finance up to 90% at attractive interest rates from the Bank of Baroda to fund your car.

BOB Car Loan Services

BOB Car Loan Missed Call Service Number846 700 1133
BOB Car Loan SMS Service Number SMS Format842 200 9988
Type AL <space> Name and send it to 842 200 9988SMS Format

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Also read:- What is the Bank of Baroda Timings?

BOB Car Loan Benefits –

If you take a car loan from Bank of Baroda, you get the following benefits on Bank Of Baroda Car Loan.

  • Finance up to 90%: Bank Of Baroda offers finance up to 90% on Car Loans. If you spend a total of ₹ 1000000 on buying a car, an amount of up to ₹ 900000 is provided by the Bank of Baroda in the form of a car loan.
  • Attractive Interest Rate: Attractive interest rates are offered on Car Loan Bank Of Baroda to the customers applying for a car loan by Bank of Baroda. This interest rate keeps on increasing with time.
  • Maximum Loan Amount: Bank of Baroda provides loans up to the maximum amount that you can charge on the car in the form of a car loan. Bank of Baroda’s maximum car loan limit depends on your annual income.
  • Minimum Documents: Bank Of Baroda Car Loan applicant requires minimum documents to avail an auto loan. Further detailed information about the documents as is necessary for a car loan is provided.
  • No Loan Close Charges: Once the customer has taken Car Loan Bank Of Baroda, if he wants to close the loan account by depositing the amount taken as a car loan in a lump sum, then no additional fee is charged.
  • Fast Process: The process of getting a BOB Car Loan is more immediate as compared to other banks. You can get a car loan from the Bank of Baroda within 48 to 72 hours. The car loan process depends on the documents provided by you.
  • Speedy Funded Disbursal: On acceptance of the Bank Of Baroda Car Loan application, the Bank transfers the car loan amount to your account in a short time.
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BOB Car Loan Features-

The following features are offered on a Car Loan by the Bank of Baroda.

  • Bank Of Baroda provides the facility of finance up to 90% of the car’s on-road price to the customer in the form of a Car Loan.
  • Bank of Baroda has fixed the maximum finance limit for private use vehicles at Rs.1000000.
  • The Bank calculates the interest rate on car loans on the decreasing daily balance. This interest rate ultimately depends on the credit score or CIBIL bureau score of the applicant.
  • A minimum credit score of 701 is required for a customer to avail Bank of Baroda car loan.
  • The Bank provides a maximum EMI facility of 84 months on the Car Loan Bank Of Baroda.
  • All cars financed through Bank of Baroda auto loans are kept with Bank of Baroda as collateral.
  • As soon as the borrower repays the entire BOB Car Loan amount, then the hypothetical is removed from it.
  • Bank of Baroda offers Bank Of Baroda Car Loan on up to hatchback, sedan, MUV, SUV, sports car, or a luxury car.
  • Bank of Baroda offers Bank of Baroda auto loans to salaried employees, business people, professionals, corporate persons, and NRIs and PIOs.
  • The applicant’s age should not be less than 21 years to get a BOB Car Loan, and his age should not be more than 70 years till the end of the loan repayment period.
  • The Bank charges Bank Of Baroda Car Loan as a processing fee, usually ₹ 1500 + GST.

Also read:-What are the benefits of bank of baroda debit card?

BOB Car Loan Eligibility Criteria

Bank of Baroda provides Bank Of Baroda Car Loan services to the following people.

  • Salaried employee
  • People in business/businessmen
  • Professional people and farmers
  • Directors of public and private companies
  • Proprietor of Partnership Firms
  • Partners of Partnership Firms
  • People associated with the corporate world
  • NRIs and PIOs

The eligible criteria for Bank Of Baroda Car Loan can be easily understood from the following table.

PurposeFor purchase of new passenger cars, multi-utility vehicles (MUV), SUVs, etc., for personal use.
Eligibility based on repayment capacityThe total deduction including the proposed EMI should not exceed
Salaried:
Gross monthly income less than Rs.50,000.60%
Gross Monthly Income Rs. 50,000 and above but less than Rs. 1,50,000.70%
Gross Monthly Income Rs. 1,50,000 and above80%
Other
Average annual income (last two years) less than Rs.6 lakh.60%
Average annual income (last two years) Rs.6 lakh and above80%

Bank Of Baroda Car Loan Interest Rate & Charges

  • BOB Car Loan Interest Rate: In the form of Bank Of Baroda Car Loan Interest Rate, BRLLR + SP + 0.25% to BRLLR + SP + 3.25% is taken by the Bank from the applicant. Car Loan Bank Of Baroda Interest Rate depends on the risk rating of the applicant to repay the loan. That is, if your credit score is more or less, your Bank Of Baroda Car Loan Interest Rate can be more or less.
  • Risk Charges: A risk premium of 0.05% applied by the Bank to BOB Car Loan customers who do not have credit insurance cover as per extant Bank Of Baroda Car Loan guidelines.
  • BOB Car Loan Processing Fee: A certain amount is charged by the Bank of Baroda as a processing fee on the car loan. This fixed amount is ₹1500.

Documents Required for Bank Of Baroda Car Loan

Nowadays, instead of crowded public transport, a person dreams of visiting in his vehicle to visit from one place to another in everyday life. Like his other dreams, man dreams of his car. Because having his car, he can travel anywhere at any time without any pre-determined schedule and hassle.

To fulfill this dream of the people, Bank of Baroda offers Bank of Baroda Car Loan with attractive interest rate, flexible tenor, and easy Mi installments Bank. If you also wish to buy your vehicle, you can also avail Bank of Baroda car loan services. The process to get a Bank Of Baroda Car Loan is quite simple. Before taking a car loan from the Bank of Baroda, you must carry the necessary documents with you.

To take a BOB Car Loan, the applicant must have the following documents.

  • Photo ID with Age Proof – Photo ID and as proof you can use documents like PAN card, passport, driving license, etc.
  • Application Form: For the Bank Of Baroda Car Loan, you have to fill an application form. You will install the application form.
  • Latest Photographs: The applicant has to provide three recent passport-size photographs. the
  • Residence Certificate: Applicant can use valid passport, voter ID card, driving license, postpaid utility bill (in electricity, gas cylinder, PNG), notarized registered rent agreement, bank statement, and updated Bank of Baroda passbook as residence certificate. 

Also Read:- How to Recharge Bank of Baroda Fastag Card?

Income certificate

For salaried employees

A salaried employee is required to submit the following documents for the Bank Of Baroda Car Loan application.

  • Bank statement– Bank statement of the applicant’s bank account for the last six months is required.
  • Salary slip: If the applicant is a salaried employee, then the salary slip of the previous three months and Form 16 or Income Tax Returns receipt.

Self-employed individual

The following documents must be submitted when applying for Bank Of Baroda Car Loan for Self Employed Individuals.

  • Balance Sheet: If the applicant has to submit their Balance Sheet, Profit, and Loss Account, Income Calculation related documents of the last two years.
  • Income Tax Returns – Income Tax Returns and Income Declaration Form 26AS over the previous two years.
  • Business Proof: Applicant should have Gumasta License, Registration Certificate, Service Tax Registration, and other documents as for Business Male like IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

BOB Car Loan Terms & Conditions

The terms of a condition related to the Bank Of Baroda Car Loan are explained through the table given below.

BOB Car Loan Minimum LimitUp to Rs.10000000 for all classes
Loan repayment period84 months
Margin10% of the on-road price of the vehicle
Bureau Validation Score / CIBIL Credit ScoreAs per the guidelines laid down by the Bank
Minimum age limitThe applicant’s minimum age should be 21 years, while the applicant’s minimum age should be 18 years.
Upper age limitFor Bank Of Baroda Car Loan applicants, the maximum age of applicant and guarantor must be less than 70 years till the loan payment is completed.
Securityhypothecation of a financed vehicle
InsuranceComprehensive insurance cover as per bank close
Pre closure chargeNo additional charges are levied for premature Bank Of Baroda Car Loan payment.

BOB Car Loan Rate of Interest

Bank Of Baroda Car Loan Interest Rate depends on the CIBIL credit score of the applicant. This score must be 701 for the BOB Car Loan application.

Concession in ROI

Bank of Baroda offers an ROI concession of up to .25% to applicants who have already taken home loans from the Bank, keeping in mind their good score while availing Car Loan Bank of Baroda .

How to Calculate EMI on Bank of Baroda Car Loan

If you want to take the Bank Of Baroda Car Loan under EMI Scheme, you should calculate BOB Car Loan MI in advance. EMI calculation depends on many factors like processing fee, loan tenure, rate of interest and loan amount, etc. You can use the link “Bank of Baroda Car Loan EMI Calculator” for Car Loan Bank of Baroda EMI calculation. The process of doing the Bank Of Baroda Car Loan EMI Calculator is quite simple; you can complete it in a few seconds.

Also Read:What is the Bank of Baroda Minimum Balance Limit?

How to Apply for a Bank of Baroda Car Loan

You can apply for a Bank Of Baroda Car Loan through both online or offline means. You can miss a call on Bank of Baroda’s missed call number or SMS under SMS service for a car loan.

From Bank Of Baroda Official Website

Follow the steps given below to apply for the Bank Of Baroda Car Loan.

  • Visit the official website of the Bank of Baroda. The home page of the official website will open.
  • Go to the loan page from the navigation menu. Under the ‘Loan’ tab, you will see the option of ‘Vehicle Loan.’
  • Click on the link ‘Vehicle Loan.’ A new window will open when you click on the link/button of ‘Apply Now’ given under ‘Car Loan.’
  • On clicking ‘Apply Now,’ a form will open. Fill in your Name, Email Address Mobile Number State City in the given format.
  • Enter the model and make the vehicle for which you want to take Bank Of Baroda Car Loan and fill in the given captcha code.
  • Check the consent box and click on the button ‘Submit.’
  • After your application form is submitted, you will be contacted by a Bank of Baroda representative over the phone. Further processing related to the Bank of Baroda Car Loan will be started.

Through Bank Of Baroda Branch

You can download the application form for a car loan from the official website of the Bank of Baroda. Fill the car loan application form and submit it along with the required documents to your nearest Bank of Baroda branch. If you cannot download the car loan application form, you can get this form from the bank manager of the branch concerned.

The Bank will verify your application and required documents, and if found correct, you will be sanctioned the car loan. You can click on the link “Download BOB Car Loan Application” to download the Bank Of Baroda Car Loan Application Form.

BOB Car Loan Miss Call Service

If you are interested in taking a car loan from Bank of Baroda, you can call the Bank Of Baroda Car Loan service on missed call number 846 700 1133 from your mobile number. Calling this number will automatically cut the call after one or two bells.

After that, the Bank of Baroda representative will contact you on your mobile number. The bank representative will contact you and complete the process of documentation related to the car loan. After the completion of the documentation process, your documents will be verified by the Bank.

If your documents are found to be correct following the guidelines of the Bank, then you will be approved for the Bank Of Baroda Car Loan.

BOB Car Loan SMS Service

Bank of Baroda has provided SMS service number 842 200 9988 for the car loan. If a person needs a Bank Of Baroda Car Loan, then he should type AL <space> Name in the message box of his mobile and send it to 842 200 9988.

As soon as the message reaches the Bank of Baroda, you will be contacted by the Bank of Baroda representative, and the process related to the car loan will be taken forward.

Also read:- What is the Bank of Baroda Zero Balance Account Open Process?

BOB Car Loan Customer Care Number

In this post, detailed information has been provided on all aspects of the Bank Of Baroda Car Loan. Still, if you face any problem applying for a Car Loan Bank of Baroda, you can contact the Bank Of Baroda Car Loan Customer Care Number.

Car Loan Customer Care Number

  • 1800 22 33 44,
  • 1800 258 44 55,
  • 1800 102 44 55

Missed Call Service Number

  • 846 700 1133

SMS Service Number

  • Type AL <space> Name to 842 200 9988

Bank of Baroda Car Loan-related FAQs

Q 1: Where to get the application form for the Bank Of Baroda Car Loan?

Ans: Bank Of Baroda Car Loan Application can be downloaded from the official website of the Bank. With the help of navigation from the homepage of the official website, go to the download section, and from there, you can download the car loan application form. You can also get the car loan application form by visiting your nearest Bank of Baroda branch.

Q 2. Can the BOB Car Loan Application Status be tracked?

Ans- Yes, you can track your Bank Of Baroda Car Loan Application Status. If you have applied for a car loan from the official portal of Bank of Baroda, then you can check the BOB Car Loan Application by logging on to the portal. If you have applied for a car loan with the help of a third party (Bankbazaar, PaisaBazaar, Policybazaar), you can check the car loan status from the official website of the third party. The Bank sends information about your Bank Of Baroda Car Loan Application on the registered mobile number and email id from time to time.

Q 3: Can I get a Bank of Baroda loan to get a CNG-LPG gas kit installed in my car?

Ans: Yes, if you want to get a CNG or LPG gas kit installed in your vehicle, then Bank of Baroda can give you a loan amount up to ₹25000 for the gas kit.

Q 4: Where to contact for more information about BOB Car Loan?

Ans: For more information related to Bank Of Baroda Car Loan, you can visit your nearest bank branch.
Alternatively, you can contact 24*7 Bank of Baroda Customer Care Number 1800 22 33 44, 1800 258 44 55, 1800 102 44 55 to get any loan-related information. You can also get information related to Bank of Baroda car loan online from the official website of the Bank.

Q 5: Does the Bank of Baroda offer a Loan Against Used Car?

Ans: Yes, the Bank of Baroda used a car loan provided by the Bank of Baroda to buy a used car. But the necessary condition for this is that the vehicle you believe should not be more than three years old.

Also Read:- What is the BOB Missed Call Service Number?

Guru
Guruhttps://paisaproblem.com/
I am student and part time blogger. I am interest to share my views on financial issues.
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