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Bank of Baroda Car Loan
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Bank of Baroda (BOB) is one of the oldest banks in India, having been founded by the king of Baroda in 1908. The bank entered into a merger with New Citizen Bank of India in 1961, and the Government of India nationalized it in 1969.  

BOB has an exhaustive list of products including credit cards, gold loans, home loans, auto loans, two-wheeler loans, personal loans, and education loans. BOB car loans are one of the best  in the banking industry, as BOB provides interest rate concessions, flexible repayment tenures, and low processing fees on it.

Owning a new car becomes easy with the attractive options offered by BOB. If you can't afford to keep paying, you could even transfer the loan to someone else!

mymoneykarma provides you with all the information that you need about Bank of Baroda car loans.

Features of BOB Car Loan

  • Bank of Baroda provides up to 90% auto loan financing of the on-road price of the car that you wish to purchase. However, the upper limit of the car loan amount for private-use vehicles is Rs.100 lakh (Rs.1 crore).

  • The interest rate on car loans is determined based on the repayment capacity and credit score of the applicant. The minimum credit score needed for the car loan is 725.

  • The repayment tenure for car loans is a maximum of up to 84 months, and is determined in accordance with the EMI amount.

  • All cars that are financed through auto loans are hypothecated as collateral with Bank of Baroda.

  • Once the borrower repays the borrowed loan amount, the hypothecation is removed. 

  • Salaried employees, businessmen, professionals, corporates, NRIs, and PIOs are eligible to apply for Bank of Baroda’s car loans. 

  • The processing charges on BOB car loans are minimal, and are calculated at 0.50% of the car loan amount, which can go up to a maximum of Rs.10,000.

Interest Rates for Bank of Baroda Car Loans

The interest rate for a new car loan starts from 8.90%, and for a used car loan, it starts from 10.45 %. These are floating rate car loans and their rate of interest varies as per the borrower's occupation, loan amount, and loan tenure.

Types of BOB Car Loans & Charges Levied


New Car Loan

Used Car Loan

Processing Fee



Loan Period

Upto seven years

Upto three years

Loan Amount

Upto 85% 

Upto 80%

Prepayment Charges



Bank of Baroda Car Loan Eligibility for Salaried Individuals

  • The minimum permissible age of the borrower is 21 years.

  • Maximum age: The present age of the applicant + the tenure of the applied loan shouldn't cross retirement age.

  • Minimum income of the applicant should be Rs. 12,000/- per month, and Rs. 15,000/- in Mumbai, Cochin, Delhi, Calcutta, Bangalore, Chennai, and Ahmedabad.

  • Minimum credit score of 725

  • The borrower should have a minimum of two years of experience, with at least one year with the present employer.

Bank of Baroda Car Loan Eligibility for Self-Employed Individuals

  • The minimum permissible age of the loan borrower is 21 years.

  • Minimum credit score of 725

  • The age of the borrower should not be above 65 years.

  • Income eligibility will be estimated based on the latest ITR.

  • The applicant should have been in the same field of business for at least three years.

Documents Required

The documents that are to be submitted for a car loan from Bank of Baroda are:

  • Photo ID

  • Age proof

  • A signed and filled-in application form

  • Proof of residence

  • Bank statements of the last 6 months

  • For salaried applicants:

  • For self-employed applicants:

  • ITRs with computation of income for the last three years

  • Audited balance sheet and Profit & Loss account for the last three years

How to Apply for a Bank of Baroda Car Loan

There are several ways to avail a car loan from Bank of Baroda. These are:

  • Visit the nearest bank branch to find out all about the car loans, whether for new or pre-owned cars, and apply directly there. The bank will disburse the car loan amount directly to the car dealer after verifying documents of the applicant. 

  • People who wish to apply for a car loan online can either visit the bank's website or apply through third-party financial websites.

BOB Car Loan EMI Calculator

The BOB website provides an EMI calculator for its car loans. The applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors:

  • Interest rate

  • Loan amount

  • Loan tenure

  • Existing relationship with the bank

  • The current price of the car

BOB Car Loan EMI for Various Loan Amounts and Periods @ 8.90% Interest Rate

Loan Amount

2 Yrs

3 Yrs

5 Yrs

7 Yrs


Rs. 4,580

Rs. 3,192

Rs. 2,088

Rs. 1,622


Rs. 13,740

Rs. 9,575

Rs. 6,264

Rs. 4,865


Rs. 22,900

Rs. 15,958

Rs. 10,440

Rs. 8,108


Rs. 45,800

Rs. 31,916

Rs. 20,880

Rs. 16,216



What credit score is needed for a BOB car loan?

Generally, BOB requires a minimum credit score of 725. If your credit score is less than 725, your loan application will most likely get rejected.

Where can I get the application form for BOB car loans?

The application form for a car loan can be downloaded from the ‘Downloads’ section of the official website of the bank. You can also visit one of the nearest bank branches and collect the application form there.

Why has my BOB car loan application been rejected?

For a BOB car loan to be approved, applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have a decent credit score,  a good debt-to-income ratio, and no history of defaulted EMI payments in the past. 

What is the maximum tenure of a BOB car loan?

You can repay your car loan within a flexible tenure of 7 years.