Bank of Baroda Used Car Loan
Bank of Baroda, a bank founded in 1908 and headquartered in Vadodara, offers a used car loan at a floating interest rate of 10.2% to 12.95%, with a processing fee of 0.5% (ranging from ₹2,500 to ₹10,000), a prepayment penalty of 2%, loan amounts of ₹2,00,000 to ₹50,00,000, and a maximum tenure of 60 months.
Financing covers up to 75% of the market or agreement value, or 100% of the IDV, whichever is lower, with vehicle age plus repayment tenure capped at 96 months from the invoice date. For fixed-rate loans, prepayment carries no charge up to ₹40,000 within 2 years. Required documentation includes 6 months of bank statements, IT returns, salary slips, a proforma invoice from a certified dealer, RC copy, and insurance copy. Minimum tenure, minimum CIBIL score, age, salary, and employment type are not published for this product.
At 10.2%, Bank of Baroda has one of the lowest starting rates of the 11 lenders we track for used car loans.
Documents required
- 6-month bank statements
- IT returns
- salary slips
- proforma invoice from certified dealer
- RC copy
- insurance copy
As published by Bank of Baroda. Your branch may ask for more.
Eligibility
Loan terms
- Financing up to 75% of market/agreement value or 100% of IDV, whichever lower
- vehicle age+repayment ≤96 months from invoice date
- fixed-rate prepayment nil up to ₹40,000 within 2yrs
Fees & charges
FAQ
A used vehicle is riskier collateral and depreciates faster, so lenders price the rate higher and finance a smaller share of the value. NBFCs often approve older cars and thinner files that banks decline.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
More from Bank of Baroda
- Home LoanRate8.4 – 10.65%Feeup to 0.25%Max tenure30 yr
- New Car LoanRate8.55 – 11.65%Fee1%Max tenure7 yr
- Loan Against PropertyRate9 – 11%FeeVariesMax tenure20 yr