Bank of Baroda Car Loan Calculator
- Check your EMI Now
We all feel the necessity to own an automobile at some point in our lives. You don’t have to worry about purchasing an automobile. In the same way, car loans help you realise your dreams.
If you want an automobile but lack the necessary finances. You could be considering waiting a few years to achieve your financial needs. There is no need to wait so long to get your ideal car. You are one step closer to owning your car as we make this simple for you.
Bank of Baroda offers car loans on easy repayment plans with flexible tenure options. The bank offers car loans in a wide range of models to suit the needs and requirements of the customers.
About Bank of Baroda
The Maharaja of Baroda and Maharaja of Saijirao Gaekwad III founded the Bank of Baroda (BoB) in 1908, and it has a long history of effectively serving its clients. Since its founding, the lender with its headquarters in Mumbai has operated without incident. The fact that it has grown from a single structure in Baroda to having almost 5,000 branches currently is evidence of its success.
Customers can choose from a wide range of products at the bank. At 365eloans you can find a suitable car loan here.
What is a car loan?
A car loan is a type of finance that allows the borrower to borrow money from a lender to purchase a vehicle. The borrower pays back the loan with monthly payments over a set period.
Bank of Baroda Car Loan Types
Customers of the Bank of Baroda can apply for a variety of auto loans. You have the option of selecting the offer that best satisfies your needs. Book a quick appointment with 365eloan advisors to know the best one for you.
It provides the following car loan types:
New Car Loan – If you want to purchase a new car, this programme is for you. A minimum loan amount of Rs. 1 lakh and then a minimum term of 7 years are required for a Bank of Baroda car loan.
Used Car Loan – This programme, which gives a minimum loan amount of Rs. 1 lakh and a minimum term of 5 years, is an option if you want to purchase a used car.
Loan Against Car –If you need money quickly, you can choose the loan against car option, which allows you to maintain your car as security with the bank and receive up to Rs. 10 lakhs, or 50% of the value of the car.
Pre-owned car Loan & Loan against Car: Pre-owned automobile loans and loans secured by cars are both offered by the Bank of Baroda. The Bank of Baroda Car Loan enables you to quickly purchase a range of certified/pre-owned vehicles and has a faster approval time.
Bank of Baroda's Car Loan Offers
- The Bank’s offer ranges from a minimum amount as low as ₹1,00,000/- to a maximum limit of up to ₹10 Crores.
- The bank provides loans for all age groups and the most popular car models. Customers can choose any model and choose any tenure period according to their needs and comfort level.
- The bank provides you with the option of choosing monthly or yearly repayment plans giving you more flexibility in your budgeting process.
- A customer with an annual income of upto ₹6 lakhs can avail of the loan benefit by availing quick approval from the Bank’s banking services department.
- Along with providing all necessary documentation required, a customer just needs to submit an application form.
Advantages of Bank of Baroda Car Loan
- The interest rates are beginning at 7.35%.
- It is a one-step application procedure.
- The application is approved in 2 hours only.
What is a Bank of Baroda car loan calculator?
A Bank of Baroda car loan calculator is a tool that helps you calculate your monthly payments and the total amount of money that you will be paying back.
It can be used to calculate the monthly payments for a new car loan or a used car loan. You can also use it to calculate the monthly payment for an auto lease. A Bank of Baroda car loan calculator can help you figure out how much money you need to pay each month to get rid of your debt faster.
Customers want to know the EMI they will have to pay each month to repay the loan before they decide whether to take out a car loan in order to pay for their favourite cars. Customers can easily determine the EMI they would be required to pay using the Bank of Baroda Car Loan Calculator. Customers can use the 365eloans to see whether they are eligible for a car loan.
How do I use a Bank of Baroda car loan calculator?
The Bank of Baroda car loan calculator is an online tool that can help you calculate the monthly repayment amount for a car loan.
First, enter the total cost of your car and the period you want to take for repayment. Then, select the type of vehicle and whether it is new or used. Finally, input your monthly income and click on ‘Calculate’. The Bank of Baroda will then show you how much your monthly payment will be.
Bank of Baroda Car Loan Calculator
You can compute the car loan EMI payable depending on the interest rate charged.
- The lowest interest rate charged by the Bank of Baroda is 9.2%.
- You can receive a monthly installment at an affordable rate of Rs.810 per lakh.
- For a tenure of 5 years, the optimum EMI payable is Rs.1,043.
- For a tenure of 2 years, the optimum EMI payable is Rs.2,289.
- The factors that determine the car loan EMI payable are the loan amount, repayment tenure, interest rate, credit score, etc.
Benefits and Features of the Bank of Baroda car loan calculator
The Bank of Baroda car loan calculator aids users in making well-informed financial plans by providing precise findings in just a few seconds.
Some of the characteristics and advantages of the Bank of Baroda car loan calculator are described below:
- Customers will receive EMI results using the user-friendly 365eloans EMI calculator in a matter of seconds.
- Customers can get in touch with 365eloans support staff if they have any questions or problems with the EMI Calculator.
- The amortisation table, a graphic representation of the loan split and progress, is displayed when the calculation has been completed.
- Customers can choose which term and the loan amount will suit their present financial circumstances by entering various rates of interest processing costs, duration, and other information into this financial tool.
- Customers can also use the prepayment fees to calculate their EMIs.
- Customers can perform as many computations as they like on the 365eloans site for no additional fee.
Interest rates offered by the Bank of Baroda on a car loan
Presently, the Bank of Baroda charges a 9.75% interest rate for car loans (floating). Let’s determine the EMIs that a client would be expected to pay across various tenures. Furthermore, considering that the processing charge is 2%.
Bank of Baroda Car Loan Interest Rates
Particulars | Details |
Interest Rate | 7% onwards |
Loan Amount | Upto₹1 Cr |
Tenure | Up to 7 Years |
Processing Fee | 0.50% of Loan amount Minimum: ₹2,500/- Maximum ₹10,000/- + GST |
Pre-payment Charges | NIL |
Bank of Baroda Car Loan Pre-Calculated EMI
Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
Eligibility Criteria for Bank of Baroda Car loan
For the approval of car loans, the Bank of Baroda has set a few eligibility requirements. Do you wish to view those? Look over the items listed below.
A salaried applicant for a car loan must be at least 21 years old. The maximum age allowed is 60 years by the time the loan term is set to end. While the age requirement for self-employed individuals is 18 at the time they apply and 65 at the maturity of the loan.
While those who are salaried must work continuously for a year, those who are self-employed must continue in the same industry for at least three years.
Documentation
Salaried Individual
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence |
Address Proof (Any 1) | Driving Licence |
Date of Birth Proof (Any 1) | Birth Certificate |
Signature Proof (Any 1) | Passport |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence |
Address Proof (Any 1) | Driving Licence |
Date of Birth Proof (Any 1) | Birth Certificate |
Signature Proof (Any 1) | Passport |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate |
Business Proof | Current Account Statement |
How to Improve Your Chances of Getting a Bank of Baroda Car Loan?
Choose a shorter term: The Bank of Baroda will charge you a higher monthly EMI if you choose a shorter timeframe for repaying the loan. This will show that you have a higher ability to repay the Bank of Baroda Car Loan, which will inspire confidence in you.
Keep an eye on your credit score: If you want to boost your eligibility for a Bank of Baroda vehicle loan, make sure the credit score is at least 750. To verify and maintain a good credit score for said Bank of Baroda Car Loan.
Sustain a low debt-to-income ratio: According to the Bank of Baroda, a low debt-to-income ratio indicates that one’s income and expenses are well balanced. This is due to the Bank of Baroda will examine the portion of your income which goes toward paying your debts prior to deciding whether or not to lend to you, as well as a low debt-to-income ratio, will signal your high repayment ability for the Bank of Baroda Car Loan.
Apply for a loan for less money: By requesting a loan for less money, you’ll be more likely to get approved for a Bank of Baroda vehicle loan. Your chances of qualifying for a Bank of Baroda loan are enhanced because a smaller loan amount suggests that the loan will be repaid sooner.
Eligibility Requirements for Bank of Baroda Car Loans
The following elements will determine if a Bank of Baroda automobile is available to you:
Income: Your eligibility for a car loan from the Bank of Baroda will likely be higher when your income is on the higher side. It is so since a larger salary reflects a greater ability to repay.
Loan amount: If you ask for a smaller loan amount, the eligibility requirements for a car loan from the Bank of Baroda would be greater since the Bank of Baroda knows that a smaller loan amount will result in a speedier repayment of the debt. As a result, they will feel more comfortable lending you money for the Bank of Baroda Car Loan.
Repayment tenure: Your ability to get a car loan from the Bank of Baroda may be impacted by your decision to choose a lengthier payback period. It can give the bank the impression that you are unable to repay the Bank of Baroda car loan.
Credit score: Any bank, including Bank of Baroda, takes your credit score into account when evaluating whether you qualify for a car loan. Bank of Baroda and the majority of lenders view a credit score of 750 or higher as healthy.
Relationship with the bank: As was already said, Bank of Baroda offers immediate vehicle loans to its current clients, enabling them to obtain a loan quickly, at their convenience, and with the least amount of paperwork possible.
Processor charges (Non – refundable)
In order to grant a loan to the applicant, all lenders, whether in the public and commercial sectors, often charge a fee. The fees are mostly used to pay for all external costs incurred at the time the loan is provided or while the loan is in effect.
Below are the two loans with the highest fees:
Charges for Foreclosure: You will be required to pay additional costs if you attempt to pay off the entire amount before the period has run out. You could prepay the car loan after making one EMI payment to the Bank of Baroda.
Processing fees for loans- This fee is 0.75% of the loan amount, up to Rs. 10,000, and any relevant operation taxes, according to the Bank of Baroda.
Loan amount (Rs.) | Interest rate | Processing fee | EMI for 2 years (Rs.) | EMI for 3 years (Rs.) |
10 lakh | 9.75% | 2% | 46,030 | 32,150 |
15 lakh | 9.75% | 2% | 69,044 | 48,225 |
20 lakh | 9.75% | 2% | 92,059 | 64,300 |
25 lakh | 9.75% | 2% | 1,15,074 | 80,375 |
30 lakh | 9.75% | 2% | 1,38,089 | 96,450 |
35 lakh | 9.75% | 2% | 1,61,104 | 1,12,525 |
40 lakh | 9.75% | 2% | 1,84,118 | 1,28,600 |
How to Apply for a Bank of Baroda Car Loan?
- Visit 365eloans and fill out the apply loan form.
- A representative from our company will call you and walk you through the process.
- You can contrast various bank offers and select the one that best meets your requirements.
Tips to finalize the suitable amount of EMI for the Car Loan
- Determine the loan amount you require: It’s crucial to let the Bank of Baroda know the loan amount you require before you contact them for a loan. Limit your Bank of Baroda loan sum after taking into consideration your financial resources.
- Review your present commitments: It’s a good idea to look through your expenses, such as any EMI payments you have on existing loans, before applying for a Bank of Baroda loan. This evaluation will assist you in estimating the EMI for the Bank of Baroda car Loan which after accounting for other responsibilities, you would be able to pay properly.
- Determine whether you qualify for a Bank of Baroda auto loan: Depending on your monthly income, the Bank of Baroda will determine whether you qualify for credit. Bank of Baroda will lend up to 100% of the ex-showroom cost with an LTV, but it anticipates the borrower to pay the balance of the property’s value out of pocket.
- Eligibility for a loan amount determined by a multiplier: Bank of Baroda also determines your eligibility by multiplying your net take-home pay. It’s the easiest way to see whether you qualify for a Bank of Baroda loan.
- Loan amount eligibility based on FOIR: Depending on your present income as well as other monthly obligations, the Bank of Baroda will assess your Fixed Income to Obligations Ratio (FOIR) to figure out how much EMI you can afford. Your income is used by the Bank of Baroda to determine your monthly expenses, and any other EMI debts with that bank or other banks are added to determine your fixed obligations.
Compare Bank of Baroda Car Loan with other Banks in India
Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
Bank Of Baroda Car Loan | 8.80% – 10.55% | Rs. 1,599 – Rs. 1,689 |
Canara Bank Car Loan | 8.70% – 9.35% | Rs. 1,594 – Rs. 1,627 |
Corporation Bank Car Loan | 8.75% – 9.50% | Rs. 1,596 – Rs. 1,634 |
HDFC Bank Car Loan | 8.50% – 11.25% | Rs. 1,584 – Rs. 1,725 |
Bank of Baroda Car Loan | 8.82% – 12.75% | Rs. 1,600 – Rs. 1,806 |
Union Bank Car Loan | 8.85% – 11.85% | Rs. 1,601 – Rs. 1,757 |
SBI Car Loan | 8.65% – 9.70% | Rs. 1,609 – Rs. 1,645 |
Compare the best loan offers to find the right one for you at 365eloans.
FAQs
1. How can I apply for a car loan with the Bank of Baroda?
There are primarily two ways to apply for a car loan from the Bank of Baroda. One is done so through an online form, while the other is done so with an application at their branch. Additionally, depending on the conditions and circumstances of a Bank of Baroda automobile loan, current customers may potentially be qualified for pre-approved auto loans.
2. What are the EMI Changes in Case of Prepayment?
There is a modest penalty if you prepay the loan for the car. In the Bank of Baroda, prepayment is 5% from 13 to 24 months and 3% from 25 to 36 months. The remaining balance on your auto loan decreases when you make a prepayment.
3. You have two choices from the Bank of Baroda:
- Reduce the loan term while maintaining the same EMI for the car loan.
- Reduce your EMI while maintaining the same loan term.
4. How can I check the status of my Bank of Baroda car loan?
By contacting the nearest branch or the bank’s website, you could find out the status of your auto loan with Bank of Baroda.
5. What is the largest loan amount I may get from the Bank of Baroda for a car loan?
It is not applicable.
6. How long will the Bank of Baroda car loan last?
The Bank of Baroda offers loans with terms ranging from one year to seven years.
7. The Bank of Baroda offers 100% car loans, is that possible?
For a few models, a 100% loan amount would be offered based on the vehicle’s on-road pricing. It provides the most affordable prices in the sector. There will also be a variety of repayment alternatives available.
8. Will the Bank of Baroda impose processing fees for car loans?
The processing fee charged by the Bank of Baroda is only up to 0.40%.
9. I have a bad credit score, can I still acquire a Bank of Baroda car loan?
You must have a strong credit score of 700 or higher to qualify for a Bank of Baroda car loan. Nevertheless, if the credit score is less than 700, the loan application could still be granted in specific circumstances.
10. What may you keep with the Bank of Baroda as collateral to obtain a car loan?
For a Bank of Baroda Car Loan, the vehicle itself serves as your only form of collateral.
Conclusion
Car loan can be very easy or difficult to get depending upon the CIBIL score of certain people. With 365eloans, our executive helps you with partnering with the Bank of Baroda bank for achieving a car loan at best interest rates.
