Baroda Yoddha Auto Loan for Defence Personnel

• Car Loan product exclusive for Defence Personnel
• Interest charges on Daily Reducing Balance
• Longer repayment period upto 7 years

• Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Coast Guard)
• Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

The close relatives (as defined under Baroda Car Loan scheme) of the applicant can be added as a co-applicant for arriving at higher eligibility.

Applicant / co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession.

All serving employees & Retired employees of Defence are eligible under the scheme.

Minimum Age:

• Applicant:- 21 Years
• Co-applicant:- 18 Years

Maximum Age

Age of the applicant / co-applicant / guarantor + repayment period should not exceed -70- years.

Loan Tenure :

• Upto 7 years

Maximum Loan Amount :

• 3 crores

As per check list for Car Loan

Additional Document:

Employment Certificate duly signed by competent authority i.e. Commanding Officer or Officer Commanding containing name, rank, unit name, service no., ID Card No., Photo & Signature of Applicant and purpose for which certificate is issued.

Interest Rate:

Target Group

Personnel of:

• Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Costal Guard)
• Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

Eligibility of Borrower(s)

• Individuals - singly or jointly (Resident Indian).

Co-Applicants

The close relatives of the applicant can be added as a co-applicant for higher eligibility.

List of Close Relatives

Spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including stepbrother/stepsister), brother’s wife, sister (including step sister) of spouse, sister’s husband, grand Son, granddaughter.

Pre-Closure / part payment Charges

• Floating ROI : Nil
• Fixed ROI : Pre-payment/Part-payment charges @ 2%+GST on amount pre-paid in case pre-paid amount is above Rs. 40,000 during the first 1 year of loan period.

Margin Norms & Loan to Value (LTV) Ratio :

Uniform margin : 10%

LTV to be calculated on the ‘On Road price’ which includes Invoice Price, Road Tax, Cost of Registration and Insurance (One Year or Three Year), excluding cost of accessories.

Proforma invoice issued by authorized dealer of the Vehicle Company should be accepted. Basic price, octroi (wherever applicable), GST / Sales Tax /VAT, RTO charges, Insurance charges etc. should be separately mentioned in the invoice issued by the dealer.

Funding against credit life insurance upto 100% of the premium amount would be allowed over and above 90% but not exceeding 95% of loan to value (LTV) ratio.

Repayment Capacity: FOIR (Fixed Obligation to Income Ratio)

Salaried / Pensioners :

• GMI less than Rs. 50,000 p.m.: 60% of GMI
• GMI Rs. 50,000 and above but less than Rs.1,50,000: 70% of GMI
• GMI Rs. 1,50,000 and above : 80% of GMI

*For Salaried Persons & Pensioner / Retied : Average of last 3 months’ GMI (Gross Monthly Income) to be obtained