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

     
     Dear Customer If you have not still submitted your renewed KYC documents please submit it urgently to your base branch in order to avoid freezing of account........