The key will be in your hands.
Explore car loans from Bank of Baroda.
Car Loan
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Key Features
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Eligibility
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Charges
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Warning Box
Car Loan : 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 Loan : Eligibility
Holder of UAE driving license
Minimum salary/monthly income of AED 4000
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Max Limit - New Car-AED 1250000
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Old Car- AED 125000
Car Loan : Charges
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Interest Rate and Charges |
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Interest Rates |
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Processing Fees |
1.00% of loan amount with min. AED 500 & Max. AED 2500/- |
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Car Loan : Warning Box
Debt Management Tool/Guidelines as per Compliance of Consumer Protection Standards of CBUAE
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WARNING:
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What is a car loan?
A car loan is a secured loan used to finance vehicle purchases. The loan amount is typically based on the car's value and the borrower's creditworthiness.
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How much car loan can I get?
Factors influencing car loan amount from Bank of Baroda UAE
- Income
- Credit score
- Debt-to-income ratio
Bank of Baroda UAE offers car loans up to AED 1,250,000, subject to eligibility criteria.
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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 -
Who can apply for a Car Loan?UAE nationals, Indian expatriate having valid UAE driving license
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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
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Do you offer early settlement of Car Loan?
Yes you can repay your Car Loan before maturity of loan
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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.
