Baroda Digital Car Loan

• Resident Individuals (singly) - Salaried employees, self-employed professionals (Doctor, Engineer, Architect, Interior Designers, Tech management consultants, Practicing Company secretaries etc.), Insurance agents and self-employed business persons are eligible to apply for Bank of Baroda’s digital auto loans.
• Minimum age of the borrower should be 21 years, while the maximum age at the end of loan period is 58 years (for salaried) and 65 (self employed).
• The interest rate on car loans is calculated on the daily reducing balance and is based on the credit score or CIBIL Bureau score of the applicant. The minimum credit score required for the loan is 701. CIBIL score of -1 is also eligible.
• The repayment period or tenure for car loans is flexible 12 months to maximum of 84 months and is determined by the EMI amount.
• As collateral, all cars financed through our auto loans are hypothecated with Bank of Baroda. The hypothecation is removed once the borrower repays the entire loan amount.
• 100% concession in processing charges to customer;
  1. Baroda Govt Employee Salary Account (SB182)
  2. Baroda Defence Salary Package (SB186).

• Salaried employees
• Self-employed professionals (Doctor, Engineer, Architect, Interior Designers, Tech management consultants, Practicing Company secretaries etc.)
• Self-employed business persons and Insurance agents

Purpose:

For purchase of new passenger cars, multi utility vehicles (MUVs), SUVs, Electric cars etc. for private use.

Age Criteria:

Minimum age of the borrower should be 21 years, while the maximum age at the end of loan period is 58 years (for salaried) and 65 (self employed)

Eligibility based on Repayment Capacity:

Total deductions including proposed EMI should not exceed

More than a dream, having a car is nowadays a necessity to be able to get from one place to another without having to wait for tightly packed public transport, or to have the freedom to go anywhere anytime without worrying about time schedules. Bank of Baroda offers car loans at really attractive rates, flexible tenure and easy instalments, one of the lowest in the industry, so you can have your dream car without feeling the pinch of a making a big ticket purchase. When it comes to Bank of Baroda, the process to secure a car loan is really simple.

All you need to do is make sure you have the following documents:

• Personal Identification Proof:
  1. PAN Number (mandatory)
  2. Aadhaar Number (mandatory)
• Digitally generated Bank A/C Statement for last -6- months (mandatory)
• For Self Employed (in addition to above stated in Point number A & B):
  1. Digitally generated Income Tax Return (ITR-3&4) for the last -2- years (mandatory)

Please Note: Digitally generated Bank Statements & ITR referred as - bank statement received in email or generated through Net Banking. ITR-3&4 downloaded from Income Tax Website in pdf/xml format.

Unified Processing Charges (For both FIXED and FLOATING Rate Option):

For Both Fixed and Floating Rate Option

Loan amount upto Rs 10 lacs – Rs. 1500/- + GST

Loan amount above Rs 10 lacs – Rs. 2000/- + GST

• Rs. 1000/- + GST irrespective of Loan Amount under for Baroda Direct Car Loan Scheme
• Nil for Baroda Yoddha Loan Customer
• Rs. 500/- + GST for State/Central/PSU employees.

(Nil for Customer Directly approaching Bank)

Penal Charges

• Penal Charges @ 2% p.a. will be charged on the amount of default for delayed payment of dues including Principal, interest, service charges etc.,
  NOTE: Penal Charges will be applied solely to overdue payments (instalments and/or interest/service charges etc.), for the period they remain unpaid beyond their due date. Penal Charges will be calculated based on the actual number of days of default but will be debited on a monthly basis.
• Penal Charges @ 2% p.a. will be charged on the outstanding balance of credit facilities of borrower for the default period for following nature of non-compliance:
  1. Non-Submission of documents as per sanction terms
  2. Non-compliance in security perfection as per sanction terms.
  3. Any other breaches/ non- compliance in material terms of sanction