Eligibility Requirements:
- Age: Applicants must be at least 21 years old and not exceed 70 years after the repayment period.
- Income: For salaried employees, gross monthly income determines debt capacity. Business owners and professionals must present an average annual income.
- CIBIL Score: A minimum score of 701 in CIBIL is required for consideration.
- Profession: Valid for salaried employees, business owners, professionals, company directors, and NRIs/PIOs.
- Vehicle Use: Exclusively for the purchase of new vehicles for private use.
Loan application steps:
- Tap the button below.
- Select the Vehicle: Choose the car you wish to purchase, new or used.
- Check Eligibility: Use the eligibility calculator on the Bank of Baroda website to pre-qualify.
- Gather Necessary Documentation: Prepare documents such as photo ID, proof of residence, and recent bank statements.
- Fill Out the Application Form: Available online on the Bank of Baroda website or at branches.
- Submit the Application: Send the completed form and documents for review.
- Wait for Approval: The bank will assess your credit and other conditions.
- Sign the Contract: After approval, sign the loan agreement.
- Loan Disbursal: Receive the financing and purchase your vehicle.
Frequently asked questions:
How long does it take to get approved for a Bank of Baroda?
Typically, approval can take from a few days to a week, depending on the completeness and accuracy of the documents provided.
Is it required to explain why credit is being used?
No, Bank of Baroda does not require you to explain the purpose of the credit for car loans.
Do I need to have a good credit score to be approved for a Bank of Baroda?
Yes, a good credit score (minimum CIBIL score of 701) is crucial to increase your chances of approval at Bank of Baroda.
Can I apply for a loan if I am self-employed?
Yes, business owners and self-employed professionals can apply for the loan, provided they meet the income criteria and other eligibility requirements.