Bank of Baroda offers flexible car loans with both fixed and floating
interest rate options. Customers can choose depending on stability or flexibility preferences.
💰 Fixed Rate (New Car)
Effective Rate: 8.65% – 11.35%
🎁 0.05% concession if opting for Group Credit Life Insurance (GCLI).
Minimum effective rate: 8.65%.
📉 Floating Rate (New Car)
Effective Rate: 8.15% – 11.55%
⚖️ Linked to Repo Rate + Spread (BRLLR).
+0.05% if GCLI not opted.
Comparison: Fixed vs Floating
| Criteria | Fixed Rate | Floating Rate |
|---|---|---|
| Interest Range | 8.65% – 11.35% | 8.15% – 11.55% |
| Linked To | Bank’s fixed ROI | Repo Rate + Spread |
| Insurance Benefit | 0.05% concession with GCLI | +0.05% if GCLI not opted |
| Stability | Stable EMI | Variable EMI |
Processing Charges
- Loan up to Rs. 10 lakh — Rs. 1,500 + GST
- Loan above Rs. 10 lakh — Rs. 2,000 + GST
- Baroda Direct Car Loan Scheme — Rs. 1,000 + GST
- Nil for Baroda Yoddha Loan Customers
- Rs. 500 + GST for State/Central/PSU employees (Nil if approaching directly)
Eligibility & Repayment Capacity
- Salaried:
- Income < Rs. 50,000 → Max 60% deductions
- Income Rs. 50,000 – 1,50,000 → Max 70% deductions
- Income Rs. 1,50,000+ → Max 80% deductions
- Others:
- Avg. annual income < Rs. 6 lakh → Max 60% deductions
- Avg. annual income ≥ Rs. 6 lakh → Max 80% deductions
Key Features
- Finance up to 90% of on-road price.
- Maximum loan limit: Rs. 5 crore.
- Flexible repayment tenure up to 84 months.
- Interest linked to CIBIL score (minimum 701 required, -1 eligible).
- Eligible for salaried, self-employed, corporates, NRIs, PIOs.
- Borrower age: 21 – 70 years.
Source: Bank of Baroda official website