Bank of Baroda (BoB) offers
auto loans up to 90% of the car’s on-road price, with flexible
tenure, competitive interest rates, and attractive features.
The maximum loan limit for private-use vehicles is
₹5 crore (₹500 lakh).
Borrowers can choose between fixed and floating interest rate options.
Key Features of Bank of Baroda Car Loan
- Up to 90% financing of on-road car price.
- Maximum loan limit: ₹5 crore for private-use vehicles.
- Minimum CIBIL score required: 701 (CIBIL -1 also eligible).
- Tenure: Up to 84 months (7 years).
- Car hypothecated with the bank until full repayment.
- Eligible applicants: Salaried, self-employed, corporates, NRIs, and PIOs.
- Borrower age: 21 years (min) to 70 years (max at loan maturity).
Interest Rates & Charges
Fixed Rate
| Product | Conditions | Effective Rate of Interest |
|---|---|---|
| Car Loan | New Car | From 8.75% to 11.45% |
*0.05% concession in ROI for customers opting for Group Credit Life Insurance Plan (minimum 8.75%).
Floating Rate
| Product | Conditions | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|---|
| Car Loan | Electric Vehicle | BRLLR to BRLLR + SP + 3.00% | 8.15% – 11.40% |
| Car Loan | New Car | BRLLR + SP to BRLLR + SP + 3.25% | 8.40% – 11.65% |
| Car Loan | Pre-Owned Car | BRLLR + SP + 2.50% to BRLLR + SP + 5.25% | 10.90% – 13.65% |
| Digital Car Loan | New Car | BRLLR + SP to BRLLR + SP + 0.75% | 8.40% – 9.15% |
| Two Wheeler Loan | General | BRLLR + SP + 4.25% | 12.65% |
| Two Wheeler Loan | Staff / Ex-Staff | BRLLR + SP | 8.40% |
*0.05% additional ROI applies if the customer does not opt for Group Credit Life Insurance (GCLI).
Processing Charges
- Loan up to ₹10 lakh: ₹1,500 + GST
- Loan above ₹10 lakh: ₹2,000 + GST
- Baroda Direct Car Loan: ₹1,000 + GST (flat)
- Nil for Baroda Yoddha Loan customers
- ₹500 + GST for State/Central/PSU employees (Nil if approached directly)
Disclaimer: Interest rates and charges are subject to change as per Bank of Baroda policies.
Customers are advised to verify the latest rates with the bank before applying.
