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!
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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.
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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.
09 May 2022
Not knowing your CIBIL score
Not choosing your loan tenure smartly
Skipping the down payment
Forgetting to try preapproved loans
Borrowing more than what you can afford
Not reading the terms and conditions of the loan
Not comparing the different car options
These days, cars have become more of a necessity for us than a luxury. As a result, there are about 1.4 billion cars on the road in the world today! A car is more than just a means of transport for many. But purchasing your dream car can be quite expensive. Thus, many people take a loan to finance the purchase of their dream vehicle. Though the advancement of technology has made it easy to procure a car loan, first-time applicants are prone to make a few mistakes that can cause their loan application to be rejected. However, to help you enjoy a smooth and quick loan application process, here are 7 car loan mistakes to avoid:
Your CIBIL score indicates your creditworthiness. It is a numeric score that is calculated based on your credit history and past debt repayments. Your CIBIL score plays a quite important role in the evaluation process of your loan application. Having a low CIBIL score will not only make it hard for you to procure credit, but will also increase the interest rate that the lender levies. Hence, it is quite important to do a CIBIL score check before applying for a car loan. This will help you understand if you are eligible for the loan and even help you get the loan at an attractive interest rate if your CIBIL score is great (above 750).
The tenure of your car loan is directly proportional to what the loan will end up costing you. This means that the longer it takes for you to repay the loan, the more interest you end up paying on the borrowed amount. However, if you choose a relatively short loan tenure, you will have to pay a higher monthly EMI amount. Hence, it is quite important to understand your numbers and choose a loan tenure that helps you clear off your debt with ease and save money on interest. The best way to achieve this is by using the online car loan calculator available on Bank of Baroda website. The car loan calculator is free to use and hence, allows you to check your monthly EMI amounts for different combinations of loan tenure, interest applicable, and loan amount.
The down payment is the portion of the car’s price tag that you pay from your pocket. The bigger the down payment, the lesser loan amount you need from the lender. While many lenders require you to make a minimum percentage of down payment, a few loan providers offer to help you purchase your preferred car without any upfront cost. While zero down payment can be a lucrative option, it increases your total loan amount and, as a result, requires you to make higher monthly EMI payments. Thus, one of the best car loan tips is to always try to make a down payment on your vehicle.
A preapproved loan helps you quickly receive credit from the lender without going through a tedious paperwork process. It offers you an estimation of the interest rate applicable to your debt, the maximum loan amount you can procure, and the maximum loan tenure you can choose. This makes car shopping much easier as you have a clear idea of your budget while finalising your ride. Though preapproved loans are quite beneficial for the debtor, the lender usually only offers these loans to individuals with a good credit history. Furthermore, preapproved loans usually require the borrower to fulfil certain criteria before the lender can sanction the loan amount, such as making a certain percentage of down payment (Margin on Vehicle) .However, since preapproved loans can make your car shopping easier, it is advisable to be a little flexible in your finances and try to procure a preapproved loan if possible.
It is quite exciting to buy a new car, especially if you are doing it for the first time. Plus, the facility of a car loan makes affording your dream ride very easy. So, it is quite possible to get carried away and apply for a loan amount that is more than what you can afford. This can make it hard for you to manage the monthly EMI payments and thus, eventually compel you to default. Hence, it is better to understand your monthly expenses before starting your loan application process. You can analyse your DTI to get an idea about the same. DTI is the debt-to-income ratio; it shows how much percentage of your monthly income is allocated towards your debt repayment. The higher you’re DTI, the lower should be your car loan amount. One way to cut back on the loan amount is to minimise the accessories you choose to take with your vehicle. Take necessary ones like sun shade covers, but try to cut down on stickers and other accessories that offer mere cosmetic value.
Every form of debt comes with certain terms and conditions, even a car loan. It is important for you to know a few terms and conditions of your car loan, such as the required down payment, the type of car loan interest levied by the lender, and the requirement of collateral, among other parameters. All such details are mentioned in your loan agreement and are required to be understood by you before signing the document. Reading the terms and conditions of your debt will help you plan your repayments and clear your loan without any hassle.
It is not only essential to understand your budget for financing the purchase of your vehicle, but also crucial for you to know the amount of money you would require for maintaining your ride. If you choose a car that fits your purchase budget but offers low mileage or requires frequent servicing, you may end up spending a lot of money on maintaining the vehicle. Due to this, your monthly budget can take a hit and make it difficult for you to make your EMI payments. Hence, it is better to compare the different available car options and choose a vehicle that fits your purchase budget and has affordable maintenance costs.
Bank of Baroda offers car loans at attractive interest rates with minimal processing charges. We can help you finance up to 90% of your car’s on-road value through the Bank of Baroda car loan. We have taken the application process online, so that you can get funding from the comfort of your home through our intuitively designed website. Our car loans also have no foreclosure charges to individuals, so you can plan your finances well as per your evolving needs. Enjoy speedy disbursals and quick loan processing too! Get in touch with us today to know more.
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.
The Credit Information Bureau (India) Limited (CIBIL), now TransUnion CIBIL, is one of the 4 credit information companies. It is licensed by the Reserve Bank of India to collect and maintain the credit information of borrowers. Banks pass on your debt information to TransUnion CIBIL, which then collates the data to form an indicator to measure your credit, i.e., the CIBIL score.
Motorcycles are the primary means of transportation in a vast majority of Indian households. Two wheelers also make it easier to manoeuver India’s busy streets very quickly. Hence, India is among the top 4 largest motorcycles markets across the world
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