In the modern world, a car is not just used to fulfil one’s transportation needs, but it also signifies his or her social status. For this reason, it is often said that buying a car in India holds an aspirational value. Moreover, in times like these, when the spread of a notorious pathogen has taken the world by storm, travelling via personal means of transport comes across as the safest bet. While everything directs at buying a car right away, we recommend making some calculations beforehand, which are crucial at maintaining good financial stability. Basically, what we mean here is that buying a car on loan packs in the advantage of keeping the liquidity intact. And in such a case, a car loan from the Bank of Baroda seems to be just what the doctor ordered.
The Bank of Baroda is a government-owned bank and has over 131 million customers and a business value of USD 218 billion, it even has 100 overseas offices. However, the biggest benefit of opting for a car loan from the Bank of Baroda is the extent of funding for your new car. The Bank of Baroda funds up to 90% of the total on-road cost of a car. In simple words, it also covers the expenses of insurance, registration and other particulars over and above the ex-showroom price of your car to a large extent. Additionally, to keep the overall costs in check, there are no pre-payment or part-payment charges. Furthermore, the quick disbursal of the loan is guaranteed by online In-principle sanction.
Talking of the rate of interest, currently, Bank of Baroda’s lowest rate of interest on offer is 7.35% for a loan tenure of 7 years. As a result, the monthly EMI for a loan with a principal amount of INR 1 lakh equates to INR 1,526 only. Car buyers are often terrified by the loan processing charges, which generally range in between 4% to 5% of the principal amount. However, the Bank of Baroda has capped it at INR 1,500 plus GST. Also, the loan can be availed for buying any car of your choice, with an upper limit of the principal amount restricted at INR 1 Crore. Additionally, anyone with a CIBIL score of more than 701 can apply for a car loan at the Bank of Baroda.
However, the applicant has to be of at least 21 years old at the time of application and should not be of over 70 years in age at any point of time during the repayment period. The Bank of Baroda has incorporated these easy-to-follow terms and conditions under its #EkForeverRishta campaign. As a part of it, the bank plans to fulfil the dreams of new car buyers by offering affordable car loan schemes. Interestingly, people from every professional background can apply for a car loan under this scheme. The list includes salaried employees, businessmen, farmers, NRIs, PIOs, corporates and more. For more information about the car loan’s terms & conditions, one can directly contact his/her nearest branch of the Bank of Baroda.