Announcement for shifting branch premises of Bank of Baroda, Doliya Branch, Ta. Sayla, Dist. Surendranagar
Bank announces Financial Results for Quarter ended, 30th June 2026.
As an enhanced security measure, our official Corporate Website has migrated to a new domain : https://bankofbaroda.bank.in
With Bank Of Baroda personal loan, you get lowest interest rates, instant approval with minimal documentation. Checkout Bank of Baroda personal loan interest rates & eligibility. Apply now!
Apply for Bank of Baroda Home Loan online at the lowest interest rates. Checkout our home loan eligibility, interest rates, documentation. Get instant home loan approval. Apply now!
Car Loan: Apply for auto loan online by Bank of Baroda at an attractive interest rates & easy EMI option. Upto 90% financing on on-road price. Buy your dream car today!
Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
Locate Us, Anytime, Anywhere
Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
10 Feb 2023
Car Loan Eligibility Criteria
Car Loan Eligibility for Salaried Individuals
Car Loan Eligibility for Self-employed Professionals
Car Loan Eligibility for Self-employed Non-Professionals
Car Loan Eligibility Calculator
Factors affecting Car Loan Eligibility
Why Opt for BOB Car Loan
Owning a car is a dream of almost every individual in India. With the ease of securing loans, buying cars, either new or pre-owned, has become an achievable dream. Banks and other financial institutions are loaning sums to many for fulfilling aspirations. Is everyone eligible for car loans ? Banks make it possible for everyone to apply for and receive a car loan as long as they fulfil some criteria. Private and popular financial FinTechs are easier on the eligibility criteria for car loans if borrowers are willing to pay high-interest rates. Banks are safe and dependable sources for borrowing funds. They have thus minimised their requirements but continue to hold some as essential for ascertaining the eligibility of the candidate along with reducing their risk percentage while loaning to individuals. Let us talk about eligibility for car loans in greater detail.
If you are wondering whether you fulfil the bank loan eligibility criteria, a glance through these pointers can help you get a better understanding. Before you start calculating the EMI or the types of car loans you require, go through these once.
The eligibility scores vary vendor-wise, however, the most common eligibility requirements by most vendors are these.
These broad car loan eligibility criteria apply to all individuals. But banks operate on more specific segregation working out car loan eligibility benchmarks based on your profession. Car loans for salaried persons and self-employed individuals are different. Read on to know in depth.
For salaried individuals getting a car loan from a reputed bank is relatively easy for new passenger cars, multi-utility vehicles (MUVs), SUVs, etc. for private use. If you belong to a good company from either the private or public sector and have served your company for a few years with continuous service, you have a high chance of getting a car loan. So, we share a few pointers for car loan eligibility for salaried individuals:
For salaried individuals, the total deduction with EMI should not exceed
Self-employed individuals are divided into four sections enabling them to understand how to procure car loans. They can be sole proprietors, belong to partnership firms, be owners of private limited companies, or directors in public limited companies. So, let us look at the eligibility criteria for car loans individually.
Those offering tuitions, or working from home as freelancers, attached with home delivery of food or products, offering services of various kinds can also apply for car loans easily. For them, the car loan eligibility criteria are mostly the same.
The age limit should at which they can apply for loans should be 21 years, if applying with a co-partner, that person's age can be 18 years. The maximum tenure at which the car loan matures must not exceed 65 years.
Just like all self-employed individuals, the total deduction of the EMI should not exceed:
Most banks these days offer car loan eligibility calculators on their websites. This highly efficient tool helps individuals calculate car loan amounts easily. Individuals can adjust the figures to check the most suitable EMI, comfortably helping them to make easy repayment. The calculator contains three fields the loan amount, varying from bank to bank, rate of interest which is the differentiating factor for choosing your lender and the loan term is mostly stable in all banks of 84 months or 7 years. So, check your capacity and apply for the loan amount that will be sanctioned easily by the bank. Your income and EMI ratio should be maintained as mentioned in the division. Once the payment is over you can be the proud owner of your car.
Do not forget to keep your expenses on a tight budget if you wish to fulfil the loan amount without any defaults. Calculate your expenses accordingly. This is how the Car loan EMI calculations work:
For example, you have taken a loan for Rs 10 lakh and intend to repay it in the next 7 years at an interest rate of 12%, just enter these figures in the EMI calculator and generate the EMI instantly to ₹17,653.
Car loan calculators calculate the loan amount to determine preowned and new car loan eligibility. While buying a preowned car ensure that the age of the car must not exceed 5 years.
While banks make car loans easily available for all individuals, not everyone falls under the bank's eligibility criteria. Read carefully through the factors that could affect loan-taking capacity.
The Bank of Baroda offers one of the most attractive car loan features. Applicants seeking a loan from the bank can apply for loan amounts of up to 100% (on selected models) of the on-road price. Loan amounts up to Rs.500 Lakh (5 crores) are available from the bank. This gives individuals the opportunity to buy the most expensive cars. The bank calculates the interest rate on a daily reducing balance which is dependent on the CIBIL Bureau score of the borrower. The minimum car loan eligibility CIBIL score is 701. Borrowers can repay the loan in a tenure of 84 months and set their EMI accordingly with help from the EMI calculator. Auto loans require no collaterals as the bank hypothecates the vehicle until full loan payment. Once the borrower completes the entire payment the bank removes hypothecation. The bank has made it possible for a wide list of individuals like salaried employees, businessmen, professionals, corporates as well as NRIs / PIOs / OCIs to apply for car loans. The eligibility age for car loans is 21 years at the time of application and the maximum age of full repayment must not exceed 65 years. This extensive period proves to be extremely convenient for borrowers. The bank has brought down processing charges to a minimum. Bank of Baroda will support you through the loan procurement process with online and offline assistance. Offering the best rates with car loans; documents kept to a minimum. Contact Baroda Car Loan and get the fastest car loans.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
While car loans are a great way of purchasing high-end new or used cars, repaying the loan is a responsibility that keeps borrowers on their toes. A good plan of repayment will help lenders systematically manage their EMI without delaying or defaulting. Once you calculate your EMI, based on the types of car loan , new or pre-used, ensure you have a well-researched repayment plan ready. No matter what the size of your loan, a properly researched repayment plan will increase the loan sanction eligibility from banks. Following the EMI repayment tenure that the bank has set, is one way to pay back a major part of the full loan through prepayment or foreclosure, closing the loan can ease a bit of the borrower’s pressure. Banks and financial institutes annually allocate large funding towards loans . Thus, repayment and foreclosure are attached to certain terms and conditions as lenders incur losses through foreclosure or part payment. The loan process rests upon an agreement where the borrower agrees to pay regular EMI to the bank or the lender, so borrowers may have to pay car loan closure charges when they choose these repayment options. Banks offer borrowers the flexibility to pay off the entire or part of the loan balance ahead of the term reducing the interest liability. In this article let us explore these repayment processes that lenders offer to borrowers.
Applying for a car loan is a great way to own a car and repay by manageable EMIs. Loans are a powerful instrument planned by financial institutes like banks, for borrowers who can aspire to a better living by planning and calibrating expenses to achieve better material goals. Loan eligibility comes with certain criteria and documents are needed to qualify a candidate for a loan. The documents are evidence of loan eligibility and a transaction between the borrower and the lender.
Related Articles
Request Call Back