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.
As published by Bank of Baroda. Your branch may ask for more.
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.