Bank of Baroda offers car loan at this rate this festive season - Check features, eligibility, where to apply and other details here

Bank of Baroda Car Loan: For those who are planning to buy a car this festive season, Bank of Baroda (BOB) has certain benefits on car loans. The Bank of Baroda is offering car loan at 7 per cent interest rate per annum.

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In one of the recent tweets from the official Twitter handle, BoB tweeted, "#BarodaCarLoan ke saath, iss Navratri ghar laye apni favourite car! Interest rates as low as 7.00%* p.a. So, what are you waiting for? Get behind the wheels and celebrate this #KhushiyonKaTyohaar with us."

The features of the car loan from BoB are as as follows:

1) Bank of Baroda offers up to 90 per cent auto loan financing of the on-road price of the car one wishes to purchase. However, the upper limit on the car loan amount for private use vehicles is Rs. 1crore.

2) 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.

3) The repayment period or tenure for car loans is up to a maximum of 84 months and is determined by the EMI amount.

4) 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.

The eligibility based on repayment capacity are as follows:

1) For salaried eployees:

a) Gross Monthly Income less than Rs. 50,000 - 60 per cent

b) Gross Monthly Income Rs. 50,000 and above but less than Rs. 1,50,000 - 70 per cent

c) Gross Monthly Income Rs. 1,50,000 and above - 80 per cent

2) Others

a) Average annual income (last 2 years) less than Rs. 6 lakhs - 60 per cent

b) Average annual income (last 2 years) is Rs. 6 lakhs and above - 80 per cent

In case of any query and further details, the BoB customers can login to the official website of Bank of Baroda at bankofbaroda.in. One can also login to the website to apply for the loan.