bob Green Wheel

In order to retain greenery , having a electric Car is nowadays a necessity for sustainability. Bank of Baroda offers Electric Four-Wheeler loans at really attractive concessional rates, concessional processing charges, flexible tenure and easy installments, one of the lowest in the industry, so you can have your dream car as a responsible Citizen. When it comes to Bank of Baroda, the process to secure a Electric Four Whheler is really simple.

All you need to do is make sure you have the following documents handy:

• Photo ID with age proof (like, PAN card, passport, driving license)
• Signed application form with 3 passport sized photographs
• Residence proof like valid passport, voter ID card, driving license, postpaid utility bill (gas bill and electricity bill), updated passbook or bank account statement
• notarized registered rent agreement
• Bank statement for the last six months
• If the applicant is a salaried individual
  1. Last 3 months' salary slips
  2. Form 16 or Income Tax Returns
• If the applicant is a self-employed individual
  1. Balance sheet and profit and loss account, computation of income for last 2 years
  2. Income Tax Returns – last 2 years for applicants, 26 AS, Traces
  3. Business proof: Gomasta License, Registration Certificate and GST Registration Certificate among others
  4. IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

• Salaried employees
• Businessmen, professionals, and farmers
• Directors of private and public limited companies, proprietors of proprietorship firms, partners of partnership firms
• Corporate (Public Ltd Co / Private Ltd Co etc.) / Firms (Sole Proprietorship, Partnership, LLP, Trust, Society etc.)
• NRIs/PIOs

Purpose

For purchase of new Electric – cars (4 Wheeler) for private use.

• Bank of Baroda offers up to 90% auto loan financing of the on-road price of the car, with an upper limit of Rs. 500 Lakh (5 Crore) for private use vehicles.
• The interest rate on car loans is calculated on the daily reducing balance and is based on the applicant's credit score (CIBIL score). Minimum required score is 701, with CIBIL score (-1) also being eligible.
• The repayment period for car loans is up to a maximum of 84 months, determined by the EMI amount.
• Loan repayment period can extend up to 96 months for salaried individuals with a CIBIL score of 726 & above.
• All cars financed through auto loans are hypothecated with Bank of Baroda, and hypothecation is removed once the full loan is repaid.
• Salaried employees, businessmen, professionals, corporates, NRIs, and PIOs are eligible to apply for Bank of Baroda’s auto loans.
• The borrower must be a minimum of 21 years old, and the maximum age should not exceed 70 years at the end of the repayment period.

Fixed Rate:

0.05% Concession in ROI applicable for Car Loan customers opting for Group Credit Life Insurance Plan (subject to minimum 8.65%).

Floating Rate:

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Unified Processing Charges (For both FIXED and FLOATING Rate Option):

For Both Fixed and Floating Rate Option

Loan amount upto Rs 10 lacs – Rs. 750/- + GST

Loan amount above Rs 10 lacs – Rs. 1000/- + GST