The key to the future

Explore car loans from Bank of Baroda.

  • Eligibility
  • Key Features
  • Charges

Car Loans : Eligibility

  • Holder of UAE driving license

  • Minimum salary/monthly income of AED 4000

  • Max Limit  - New Car-AED 1250000

  • Old Car- AED 125000

Car Loans : Key Features

  • Financing up to 80% of cost of  New Vehicle and up to 70 % of cost of vehicle value in case of old car

  • Higher Repayment period up to 48 Months for new vehicle and up to 36 months for old vehicles  

  • Low interest rate

  • Low Processing Fee

  • No Hidden Charges

  • Interest charges on Daily Reducing Balance

Car Loans : Charges

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

Processing Charges *: 1% of the loan amount payment Charges*: 1% charges*: 1% of amount of loan minimum AED 250

Frequently Asked Questions (FAQs)

  • What is a car loan?

    A car loan, specifically a business car loan or commercial vehicle loan, is a financing option that provides funds to acquire cars or while allowing repayment over an agreed-upon period with interest.

  • How much car loan can I get?

    Bank of Baroda UAE offers car loans of up to AED 1,250,000, subject to eligibility criteria. The amount of car loan you can get depends on various factors such as your-

    • Income
    • Credit score
    • Debt-to-income ratio.
  • What is the car loan interest rate?

    ROI is linked with income/salary as detailed below -

    Income / Salary Range Interest Rate
    Up to AED 10,000/- pm 3.75% flat or 7.50% reducing Balance
    >AED 10,000/- pm – AED 25,000/- pm 3.25 % flat or 6.50% reducing Balance
    >AED 25,000/- Pm 2.75% flat or 5.50% reducing Balance
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