Bank of Baroda Car Loan in Purnea, Bihar

Avyud Finance eases your car buying dream by providing a Car Loan from the Bank of Baroda. Get a Car Loan to purchase a Car of your choice. With our Car Loan Services, 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. 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. Enjoy a range of benefits on Car Loans from Bank of Baroda, irrespective of your loan amount or type of Car.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Bank of Baroda Car Loan Important Information

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 Cars 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.

The processing charges on our loans are minimal and are generally calculated flat Rs. 1500 + GST.

Eligibility Criteria for Bank of Baroda Car Loan

Salaried employees

Businessmen, professionals and farmers

Directors of private and public limited companies, proprietor of proprietorship firms, partners of partnership firms.

Corporates (partnership, private limited, public limited and trust)

NRIs/PIOs

Documents Required for Bank of Baroda Car Loan

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

Photo ID with age proof (like, PAN card, passport, driving license)

Signed application form with 3 passport sized photographs

Residence proof like valid passport, voter ID card, driving license, postpaid utility bill (gas bill and electricity bill), updated passbook or bank account statement, notarized registered rent agreement

Bank statement for the last six months

If the applicant is a salaried individual

Last 3 months' salary slips

Form 16 or Income Tax Returns

If the applicant is a self-employed individual

Balance sheet and profit and loss account, computation of income for last 2 years

Income Tax Returns – last 2 years for applicants, 26 AS, Traces

Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others

IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

Fees & Charges for Bank of Baroda Car Loan

FROM BRLLR + SP + 0.25% TO BRLLR + SP + 3.50% (as per risk rating of the applicant/s.)

After concession : 7% to 9.75%

Risk Premium of 0.05% will be applicable as per extant guidelines for customers not obtaining credit insurance cover.

Unified Processing Charges: Rs.1500/-

FAQ for Bank of Baroda Car Loan

Is there a tax benefit on car loans?

You can actually save on taxes if you are a car loan borrower who is self-employed or the purpose of car’s use is business. But this does not apply to salaried employees since car is categorized as a luxury item.
If the car loan is used to purchase a car which is being used for business purposes, then this interest payment gets calculated as your business expense, which can be claimed as a deduction under Section 80C of Income Tax Act.
For example, Assuming you are a self-employed individual who took out a car loan to buy a car for business purpose and your income is Rs.8 lakhs, your interest rate expenses are Rs. 20,000, then you can claim a deduction of Rs. 20,000 under Section 80C of Income Tax Act, such that your taxable income reduces to Rs. 7.8 Lakhs.

What is a car loan eligibility calculator?

The quantum of finance you can get in the form of a car loan can be calculated by using the car loan eligibility calculator available online. Your car loan eligibility depends on your current income, value of the car you are looking to buy and assessment of your repayment capacity through current expenses or EMIs you are currently servicing. The car loan eligibility calculator helps you to arrive at an estimate of how much loan you can get, based on your inputs on your current income, value of the car, existing EMIs, age, location among other factors, though the factors taken into consideration for calculating car loan eligibility may vary from bank to bank.

Are there any prepayment charges for Bank of Baroda’s auto loans?

You are allowed to prepay your loan without paying any prepayment charges.

What are the benefits of a car loan?

Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Loan borrowers are not required to pay foreclosure charges or pre-payment penalty, nor do they need to pay advance EMIs. With higher limits on the car loan amount, you can avail loans for new cars for up to Rs.100 Lakhs (Rs.1 Crore). So, if you have always had your eye on a luxury car, our loan can take you one step closer to your dream. Also, say goodbye to down payment worries, as you can get up to 90% financing on the car’s on-road price with Bank of Baroda’s auto loan.

Bank of Baroda offers attractive interest rates on loans to all customers based on their credit scores. Additionally, existing home loan borrowers with a good credit history enjoy a concession of 0.25% on their car loan interest rate.

Note: This content is taken from Bank of Baroda website

Purpose for Car Loan

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