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Bank of Baroda, India ’ s International Bank

Middle East

Retail Banking

Baroda Car Loan in 48 hours

Bank of Baroda car loans are available for financing new and second-hand cars with attractive low interest rate and minimum formalities

Salient Features

  • Loan Amount:
  • New Car:
    Up to 80% of cost of vehicle, accessories, registration and lien noting fee, insurance, subject to maximum of AED 500,000

    Second hand Car:
    Up to 70% of value of vehicle assessed by approved valuer, subject to maximum of AED 50,000

  • Rate of Interest*:
  • 3% p.a. (flat rate) or 6.00% p.a. (reducing balance) , subject to change from time to time

  • Repayment Period:
  • Maximum upto 48 Months (New Car)

    Maximum up to 36 months (Second Hand Car)

  • Processing Charges *:
  • 1% of loan amount

  • Prepayment Charges*:
  • 1% of amount of loan outstanding , minimum AED 250

    Documents Required:

    a) For Salaried Class

  • Loan Application
  • Copy of Passport with valid visa page
  • Latest salary certificate
  • Latest statement of bank accounts for last six months (not applicable for BOB customers)
  • Copy of Labor Card/Identity Card
  • Pro-forma Invoice of vehicle
  • Copy of valid UAE driving license
  • Valuation report of approved valuer (for used cars only)
  • Undertaking from borrower authorising us to receive terminal benefits from employer
  • Undertaking from employer to remit salary and terminal benefits at the end of service to bank

  • b) For Self Employed/Business Entrepreneurs and firm or company

  • Copy of passport with valid visa page
  • Copy of latest balance sheet of the company
  • Latest statement of Bank accounts for last three months (not applicable to BOB customers)
  • Copy of Trade/Professional License
  • Pro-forma invoice of vehicle
  • Copy of valid UAE driving License (In caase of business enterprise, driving license copy of employee can be obtained along with employment proof)
  • Valuation report of approved valuer (for used cars only)
  • Copy of partnership agreement (if applicable)
  • Copy of Power of Attorney (including borrowing power)

  • For Further details

    • Retail Banking Shoppe
    • Bank of Baroda
    • Zonal Office, Bur Dubai, UAE
    • Tel: 04-3136641
    • Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
    • Products also available at branches
    • Dubai:04 3136602 Abu Dhabi: 02-6330244 Deira: 04-2287949 Sharjah: 06-5684231
    • Al Ain: 03-7519880 Ras Al Khaimah: 07-2229293

    *Terms: Rates and charges are subject to change from time to time

    Download Application Form

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