Auto loan from Bank of Baroda: For those who are planning to buy a car this holiday season, Bank of Baroda (BOB) offers some auto loan benefits. Bank of Baroda offers a car loan at an interest rate of 7% per annum.
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In one of the recent tweets from the official Twitter account, BoB tweeted: “#BarodaCarLoan ke saath, iss Navratri ghar laye apni favorite car! Interest rates as low as 7.00% * pa So what are you waiting for? Get behind the wheel and celebrate this #KhushiyonKaTyohaar with us. “
#BarodaCarLoan ke saath, iss Navratri ghar laye apni favorite car! Interest rates as low as 7.00% * pa So what are you waiting for? Get behind the wheel and celebrate it #KhushiyonKaTyohaar with us. #bobWorld #HappyNavratri
* CGU Apply pic.twitter.com/fYj2FY5yl1
– Bank of Baroda (@bankofbaroda) October 10, 2021
The characteristics of BoB’s auto loan are as follows:
1) Bank of Baroda offers up to 90% auto loan financing of the road price of the car you want to buy. However, the upper limit of the auto loan amount for private use vehicles is Rs. 1 crore.
2) The interest rate on auto loans is calculated on the daily declining balance and is based on the credit score or CIBIL Bureau rating of the applicant. The minimum credit score required for the loan is 701.
3) The repayment period or seniority of auto loans can be up to 84 months maximum and is determined by EMI amount.
4) As collateral, all cars financed by our auto loans are mortgaged by Bank of Baroda. The mortgage is removed once the borrower repays the entire loan amount. Salaried employees, businessmen, professionals, companies as well as NRIs and PIOs are eligible to apply for Bank of Baroda auto loans. However, the minimum age of the borrower must be 21 years old, while the maximum age must not exceed 70 years after the end of the repayment period.
The eligibilities according to the repayment capacity are as follows:
1) For employees:
a) Gross monthly income less than Rs. 50,000 – 60 percent
b) Gross monthly income Rs. 50,000 and more but less than Rs. 150,000 – 70 percent
c) Gross monthly income Rs. 150,000 and above – 80 percent
a) Average annual income (last 2 years) less than Rs. 6 lakhs – 60 percent
b) Average annual income (last 2 years) is Rs. 6 lakhs and above – 80 percent
In case of questions and further details, BoB customers can log into the official Bank of Baroda website at bankofbaroda.in. One can also log on to the website to apply for the loan.