Bank of Baroda

BENEFICIARY
Employees and Directors of private/limited companies, proprietorship/partnership firm and Govt. employees/ individuals/high salary earners/businessmen/professionals (at least 6 months account relationship with Bank of Baroda which may be relaxed on merits.

PURPOSE
For purchase of new Four Wheeler or second hand car (not more than 3 years old)

MAXIMUM AMOUNT OF LOAN
Loan limit is to be fixed on case to case basis having regard to the requirement of the borrowers, repayment capacity, borrower's net means and other allied factors However, quantum of loan per vehicle should not exceed Rs 10.00 lakh subject to repayment capacity.

MARGIN
10 per cent of cost of new car 40 per cent of cost of second hand car

REPAYMENT PERIOD
60 months, in equated monthly instalments for new cars (12 post dated cheques to be obtained in advance every year, with undertaking to maintain adequate balance). 36 months in equated monthly instalments for second hand cars (12 post-dated cheques to be obtained in advance every year, with undertaking to maintain adequate balance).

RATE OF INTEREST
3 per cent over TPLR (Term Prime Lending Rate).

PROCESSING/SERVICE CHARGES
0.5 per cent of the sanctioned loan amount.

SECURITY/DOCUMENTATION
Hypothecation of vehicle.
Our charges to be noted with RTO. Comprehensive insurance of the purchased vehicle with Bank clause. In case of second hand cars, certificate as to the value as also the residual life of the car to be obtained from a reputed garage. Other securities as stipulated.