Own your dream ride with car loans from the Bank of Baroda. Get a car loan to purchase a vehicle of your choice. With our loans, you can buy a hatchback, sedan, MUV, SUV, sports car, or luxury car.
Our auto loans are available to salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs. We offer attractive interest rates on car loans with up to 90% financing, making our loans the ideal choice for funding your brand-new car.
Key Features
- Financing up to 80% of the cost of the New Vehicle and up to 70 % of the cost of the vehicle value in the case of an old car
- Higher Repayment period of up to 48 Months for new vehicles and up to 36 months for old vehicles
- Low-interest rate
- Low Processing Fee
- No Hidden Charges
- Interest charges on Daily Reducing Balance
Eligibility
- Holder of UAE driving license
- Minimum salary/monthly income of AED 4000
- Max Limit – New Car-AED 1250000
- Old Car- AED 125000
Charges
| 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/- |
Warning Box
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