Bank of Baroda Used Car Loan

With a Baroda Auto Loan for a pre-owned car, you can easily own the vehicle of your dreams. You can get up to 75% financing on the market or agreement value, or 100% on the IDV value, whichever is lower. 

The loan is available for cars priced between ₹2 Lakhs and ₹50 Lakhs, with flexible repayment of up to 60 months based on your credit score.

You can get a used car loan from the Bank of Baroda to buy your favourite vehicle. BOB offers easy EMIs and interest rates.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Busy work schedules, long office hours, and limited public transport options make owning a car a practical and convenient choice. Buying a vehicle with savings is not always practical. You can take a loan and repay it through small, monthly instalments. An EMI calculator for auto loans helps you estimate your repayment ability.

The calculator shows annual repayment details across the loan tenure. It also helps you find the interest payable and the total vehicle cost, including fees and taxes.

Here are the key eligibility criteria for a Baroda Auto Loan for a Pre-owned car:

Resident Indian individuals are eligible, including:

• Salaried employees (including pensioners)

• Self-employed individuals and professionals

• Agriculturists

• Directors of private/public limited companies

• Bank of Baroda staff and ex-staff (eligible under the public scheme)

Minimum Gross Annual Income (GAI) requirements:

• ₹2.50 Lakhs for salaried individuals and pensioners

• ₹3 Lakhs for self-employed, professionals, directors, and agriculturists

Income and deduction criteria:

• For salaried individuals: total deductions, including EMI, must not exceed 60% of the average Gross Monthly Income (GMI) over the last 3 months

• For others: total deductions, including EMI, must not exceed 60% of the average GAI over the last 2 years

Employment requirement:

• Salaried applicants must have at least 1 year of service with their current employer

To process your Bank of Baroda Auto Loan for a pre-owned car, you need to submit the following essential documents:

• KYC documents like PAN card, Aadhaar, passport, or driving licence

• No fresh KYC is needed for existing customers with a KYC-compliant account active for at least 6 months and updated in the last 2 years

• E-KYC preferred for new customers or normal KYC compliance

• Bank statement – last 6 months required for new customers only

• IT Return – 2 years for self-employed, 1 year for salaried individuals

• Salary slips for the last 3 months for salaried applicants

• NACH mandate form, if required

• Proforma invoices issued only by certified tie-up partners approved by the bank

• Proforma invoices from sub-dealers, brokers, or agents are not accepted

You can apply for a used vehicle loan from the Bank of Baroda online or offline. Here are simple steps you can follow for a BOB Used Car Loan:

Online

• Step 1: Visit the official BOB website

• Step 2: Under the ‘Loans’ tab, click on ‘Vehicle Loan’ and choose ‘Baroda Auto Loan for Pre-owned Car’

• Step 3: You will be navigated to a new page; click on Apply Now below the section

• Step 4: Fill in your details (name, email, phone number, state, city, etc)

• Step 5: Lastly, put the verification code sent to your number

• Step 6: Click on the acknowledge and consent box and submit

After completing all the processes, wait for the bank representatives to call for further processing.

Offline

• Step 1: Visit your nearby BOB branch

• Step 2: Get all the details about the used car loan from the customer associate

• Step 3: Fill up the loan application form

• Step 4: Submit it and wait for the representative’s call or SMS

Here are some of the factors that affect the monthly EMI of your Bank of Baroda Used Car Loan:

• Interest Rate

The Bank of Baroda Used Car Loan interest rate plays a crucial role in the loan amount. It directly affects the total repayment value and monthly EMIs over the loan tenure.

• Credit Score

Your credit score is also important for your loan amount. A low credit score will result in higher interest rates and EMIs.

• Loan Tenure

The term of your loan directly impacts your loan EMI. Longer terms spread out repayments across more months, which results in cheaper EMIs and a higher overall amount of interest paid. Shorter tenures result in lower overall interest but higher EMIs.

A Bank of Baroda Used Car Loan can be a smart choice for individuals looking to finance a pre-owned vehicle. With competitive BOB Used Car Loan interest rates, flexible repayment options, and a transparent process, the loan provides a convenient way to own your desired car. 

Whether you are comparing BOB Used Car Loan features or reviewing the interest rate, this option stands out for its customer-friendly terms and trusted financial backing. You need to compare current rates and terms to make an informed decision that aligns with your budget.