Bank of Baroda car loan: BoB slashes interest rate; check new rate, how to apply and features of this loan

Buying a car with Bank of Baroda (BoB) has become cheaper now as the bank has slashed the rate on car loan by 0.25% to 7%. Besides, it is also offering concession in processing charges for a limited period up to June 30, 2022.  

"A brand-new car can now be yours! With #BarodaCarLoans @ 7%*, book your dream car right away," read a tweet from BoB. 

The new rate beginning at 7% per annum along with the concessional processing charges are applicable for the purchase of a new car. This special rate offering is linked to a borrower’s credit profile. 

What can you buy from Bank of Baroda car loan?  

You can buy a hatchback, sedan, MUV, SUV, sports car or a luxury car. "Our auto loans are available to salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs," said Bank of Baroda.  

We offer attractive interest rates on car loans with up to 90% financing, making our loans the ideal choice for funding your brand-new car, it's said.  

How Can you apply 

You can apply for BoB car loan by either giving a missed call or sending an SMS on numbers provided by the bank. Follow the instructions below to apply for a Bank of Baroda car loan 

Give a missed call: 846 700 1133 or 
SMS: AL < space > Name to 842 200 9988 

Bank of Baroda Car loan Features 

Bank of Baroda offers up to 90% auto loan financing of the on-road price of the car you wish to purchase. However, the upper limit on the car loan amount for private use vehicles is Rs.500 Lakh (5 crore). 

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. 

The repayment period or tenure for car loans is up to a 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. Salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs are eligible to apply for Bank of Baroda’s auto loans. However, the minimum age of the borrower should be 21 years, while the maximum age should not exceed 70 years after the repayment period is over.