The key will be in your hands.

Explore car loans from Bank of Baroda.

  • Key Features
  • Eligibility
  • Charges
  • Warning Box
  • 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

  • Holder of UAE driving license

  • Minimum salary/monthly income of AED 4000

  • Max Limit  - New Car-AED 1250000

  • Old Car- AED 125000

Interest Rate and Charges

Interest Rates

 

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 25,0000/- Pm

2.75% flat or 5.50% reducing Balance

Processing Fees

1.00% of loan amount with min. AED 500 &   Max.  AED 2500/-

Debt Management Tool/Guidelines as per Compliance of Consumer Protection Standards of CBUAE

WARNING:
- You may have to pay penalties if you pay off a loan/financing early
- Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit
- If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future

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अक्सर पूछे जाने वाले प्रश्न

  • Who can apply for a Car Loan?

    UAE nationals, Indian expatriate having valid UAE driving license

  • What is the maximum amount I can borrow under this scheme?

    For new vehicle- AED 1,250,000
    For old vehicle- AED 125,000

  • What is the Maximum Period up to which I can avail Car Loan?

    You can avail car loan up to a max. Period of 48 months in case of purchase of new car and up to 36 months for old car

  • Do you offer early settlement of Car Loan?

    Yes you can repay your Car Loan before maturity of loan

  • What is the charge for early settlement?

    We charge 1.00% + VAT of the outstanding Loan amount up to a max. Of AED 10,000 as an early settlement fee.

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