The key will be in your hands.
Explore car loans from Bank of Baroda.
Car Loans
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Eligibility
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Purpose
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Amount
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Margin
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Repayment
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Rate of Interest
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Security
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Processing Fees
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Documents Required
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Sanctioning Authority
- Permanent employees (of government., parastatal bodies, reputed public and private companies)
- Self-employed/businessmen having regular source of income with minimum monthly income of Rs. 10,000
- Corporates, proprietors, partners, directors of private/public ltd. company with min. monthly income of Rs. 20,000
- For purchase of car for personal use
- Maximum Rs. 30,00,000 for new vehicles
- Maximum Rs. 10,00,000 for reconditioned/second-hand cars not more than 5 years old
- Maximum Rs. 6,00,000 for reconditioned/second-hand cars older
- For new cars - 20% of purchase price
- For reconditioned/second-hand cars not more than 5 years old - 25% of purchase price
- For reconditioned/second-hand cars which are older than 5 years but not more than 7 years old - 40% of purchase price
(Purchase price includes cost of car, VAT registration charges/road tax and insurance.)
- For new cars - 7 years
- For reconditioned/second-hand cars not more than 5 years old - 7 years
- For others - 3 years
(Loan repayment to commence one month after disbursement.)
At PLR, in following cases:-
- If the applicant provides securities by way of FDR/assignment of life insurance policies/creation of 1st rank charge on property equal to 50% of loan amount
- If the applicant is our existing client availing housing loan under standard category
- For people having gross minimum salary of Rs. 50,000/- p.m. and salary is pledged in favour of the bank
- If the applicant is our existing client availing credit facilities under standard category where he has created 1st rank fixed charge on the properties (excluding housing loan)
- For others - PLR +1.00%
- Gage sans deplacement
- Salary pledge
- Comprehensive insurance assigned in bank’s favour
- Option for getting interest concession
- Lien on FDR/assignment of life insurance policies
- 1st rank fixed charge on the property
- 1.00% of loan amount – Minimum Rs. 2,500; Maximum Rs. 15,000 (One-time fee, No processing charges to be charged at the time of renewal)
- Copy of national ID card
- Copy of driving license for vehicle for which loan is applied
- Salary slips of last 3 months for salaried, and MRA return for businessman
- Quotation for the cost of vehicle
- Time frame for taking credit decision/disposal of proposal from the date of submission of data/information is within 10 working days for all credit facilities up to Rs. 3,00,000.
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