Bank of Baroda Car Loan
Your guide to eligibility, required documents, and the application process.
Explore competitive interest rates and flexible repayment options.
Table of Contents
Eligibility Criteria for Bank of Baroda Car Loan
Bank of Baroda offers car loans to a diverse range of applicants, including salaried professionals, self-employed individuals, businessmen, and NRIs. To qualify, applicants must meet specific age, income, and credit score requirements.
Applicants must be between 21 and 65 years of age at the time of application. A minimum CIBIL score of 701 is preferred, though applicants with lower scores may still be considered. The loan amount can go up to ₹1 crore for new cars, depending on eligibility.
Key Eligibility Checklist
- Indian resident with valid KYC documents
- Age between 21 and 65 years
- Minimum monthly income: ₹25,000 for salaried, ₹40,000 for self-employed
- Good CIBIL score (701+ preferred)
- No existing loan defaults or financial irregularities
Documents Required for Bank of Baroda Car Loan
Before initiating your application, ensure you have the following documents ready:
Identity Proof
- PAN Card
- Aadhaar Card
- Passport or Voter ID (optional)
Address Proof
- Utility bills (electricity, water, gas)
- Passport / Aadhaar
- Property documents if applying for a top-up or second home
Income Proof
- Last 3 months’ salary slips (for salaried)
- Bank statements for last 6 months
- Income Tax Returns (ITR) for last 2 years (for self-employed)
How to Apply for Bank of Baroda Car Loan
The application process is straightforward and can be completed online or in person:
- Visit the official Bank of Baroda car loan page.
- Click on “Apply Now” and fill in personal, employment, and income details.
- Upload scanned copies of your documents.
- Submit the application for processing.
- Receive a pre-approved offer and sanction letter from the bank within 48 hours.
Bank of Baroda also offers a car loan eligibility calculator online. It helps you estimate the maximum loan amount, EMI, and repayment tenure before applying.
Interest Rates and Loan Tenure
Bank of Baroda offers competitive interest rates on car loans, which are determined based on the applicant’s credit profile and the type of loan:
| Loan Type | Interest Rate (p.a.) | Tenure |
|---|---|---|
| New Car Loan | 8.80% – 11.50% | 5–7 years |
| Pre-owned Car Loan | 9.05% – 11.50% | 5–7 years |
Interest rates are calculated on a daily reducing balance method. Existing home loan borrowers with a good credit history may enjoy a concession of 0.25% on their car loan interest rate.
