Baroda Auto Loan for Pre-owned Car

Baroda Auto Loan for Pre-owned Car : Features

• Bank of Baroda offers up to 75% financing on Market value or 75% financing on Agreement value or 100% on IDV value (whichever is less) financing on pre-owned car. However, the upper Minimum and maximum limit on pre-owned car is Rs. 2.00 Lakh and Rs. 50.00 Lakh Respectively
• The interest rate on Baroda Pre-owned car is calculated on the daily reducing balance and is based on the credit score or CIBIL Bureau score of the applicant. The minimum credit score required for the loan is 701. CIBIL credit score (-1) can also be considered.
• The repayment period or tenure for car loans is up to a maximum of 60 months and is determined by the EMI amount (Repayment period plus age of the vehicle (starting from original invoice date) should not exceed 96 months).
• As collateral, all cars financed through our auto loans are hypothecated with Bank of Baroda. The hypothecation is removed once the borrower repays the entire loan amount. Salaried employees, businessmen and professionals, are eligible to apply for Bank of Baroda’s auto loans. However, the minimum age of the borrower should be 21 years, while the maximum age should not exceed 70 years after the repayment period is over.
• The processing charges on our loans are minimal and are generally calculated @0.50% of Loan amount ( Minimum Rs.2,500/- +GST Maximum Rs.10,000/- +GST).

Baroda Auto Loan for Pre-owned Car : Eligibility

All Individual Resident Indians

• Salaried including our Bank staff /ex-staff.
• Self Employed & Professionals
• Businessmen & Professionals & Others Directors of Private / Public Ltd Co.
• Persons engaged in Agriculture& allied activities.

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Purpose :

• For purchase of old / used passenger vehicle / four wheeler for personal use through approved certified pre-owned car dealers of OEMs.

Eligibility

• Salaried Employees / Pensioners having Gross Annual Income (GAI) of Rs.2.50 lacs & above.
• Businessmen & Professionals & Others (Directors of Private / Public Ltd Co.) Having GAI of Rs.3.00 lacs & Above.
• Persons engaged in Agriculture& allied activities Having GAI of Rs.3.00 lacs and above.
• Staff members (availing under Public scheme).

FOIR (Repayment capacity)

Total deductions including proposed EMI should not exceed:

• Salaried: 60 % of GMI (Average of last 3 months’ GMI (Gross Monthly Income) Individuals who have had a job with a minimum of 1 year with the current employer).
• Others: 60% of GAI (Average of last 2 years’ GAI (Gross Annual Income) to be considered for FOIR calculation).

Baroda Auto Loan for Pre-owned Car : Interest rates & charges

Fixed Rate:

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

Floating Rate:

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

Processing Charges :

0.50% of loan amount plus GST
(Minimum Rs. 2500/-+GST and maximum Rs. 10,000 + GST)

Baroda Auto Loan for Pre-owned Car : Document Required

KYC Documents (like PAN Card, Passport, Driving License, Aadhar etc.).

No fresh KYC for existing customers of our bank (account holder of minimum -6- months) where account is KYC compliant and it is updated in last -2- years.

Preferably E-KYC for other customers / Normal KYC compliance.

Bank statement

• Existing customer : No
• New customer : Last -6- months

IT Return

• Self-employed : 2 years
• Salaried : 1 Year and Salary slip for last 3 months

NACH mandate form (if required)

Proforma invoice (Quotation) issued by certified tie up partner (list of approved dealer will be issued and updated time to time by Retail Banking department BCC, Mumbai).

Performa Invoice issued certified tie up partner only should be accepted. Proforma invoice issued by sub dealer / broker / agent should not be accepted.

Car documents

• Copy of RC & Insurance

Baroda Auto Loan for Pre-owned Car : Most Important Terms and Conditions (MITC)

Minimum & Maximum Limit

• Rs.2.00 Lakh and Rs.50.00 Lakh (for all Categories)

Repayment Period

• Maximum 60 months.
• Repayment period plus age of the vehicle (starting from original invoice date) should not cross 96 months.

Margin

Lowest of the following:

• 75 % of latest Market value as per valuation certificate issued by certified pre-owned car Dealer. OR
• 75 % of agreement / Invoice value. OR
• 100% of Insured Declared Value (IDV) as per Motor Insurance Policy.

Bureau Score validation

• Minimum Bureau score cut off as per bank’s guidelines.

Age

• Minimum Age of the Applicant: -21- Years; Co-applicant: -18- years.
• Maximum Age of the applicant / co-applicant / guarantor plus repayment period should not exceed -70- years.

Security

• Hypothecation of vehicle financed.

Insurance

• Comprehensive insurance of the vehicle with bank’s clause.

Pre-payment/Pre-Closure Charges

• For Floating Rate - Nil
• For Fixed Rate:
  1. Nil part payment charges upto cumulative amount Rs 40,000/- within a period of -02- Year from first disbursement date.
  2. Nil Pre- payment charges after a period of -02- Year from first disbursement date of loan amount.
  3. Pre/Part Payment charges @2%+GST on entire pre-payment will be applicable if such amount exceeds Rs 40,000/- within a period of -02- Year from the first Disbursement date.
  4. Pre-payment / part-payment charges.@ 2% + GST for entire pre-paid amount when account is closed within -02- year from the first disbursement date.

Rate of Interest

• Rate of interest on Pre-owned car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum cut off score is 701.

Note: The Bank may use the services of agents in sales/marketing etc of the product.