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Best Car Loan Scheme of 2022. PNB & Bank of Baroda Car Loan Review

Best Car Loan Scheme of 2022. PNB & Bank of Baroda Car Loan Review

Best Car Loan Scheme Review of 2022: Bank of Baroda and PNB Car Loan with 6.75% Interest Rate with 100% Waiver of Processing Fees


Best Car Loan Scheme in India:  PNB & Bank of Baroda

Car Finance got a new scheme from 2 Large Public Sector Banks where they offering special finance scheme in 2022


PNB Car Loan Scheme

Key Highlights of PNB Car Loan in 2022

  • Lowest Interest Rate across Banks with Finance Starting at 6.75% on EV Cars and 6.85% on Regular Petrol & Diesel Cars
  • 100% Waiver on Processing Fees till March 2022
  • No Pre Payment Charges on Car Loan
  • No Foreclousre Penalty Charges if loan foreclosed through Own Funds
  • 90% On Road Finance
  • Finance upto 7 years
CIBIL Score Interest Rate
> 750 6.85%
> 700 but < 750 7.15%
Less than 700 7.50%

This is a Floating rate scheme and is very attractive finance deal where EV Car Buyers have further rebate of 10 bps


Check More Details


Bank of Baroda Car Loan

Key Highlights of Bank of Baroda Car Loan in 2022

  • No Pre Payment Charges on Car Loan from day 1 for Individuals
  • No Foreclousre Penalty Charges from day 1 for Individuals
  • Loan Processing Fees of Rs 1770
  • 85% On Road Finance 
  • Account Mandatory with Bank of Baroda else Account Opening charge of Rs 1000
  • Interest Rates Starting from 7% as special finance scheme for Borrowers having CIBIL Score more than 800. Else for lesser CIBIL Bank to Charge Risk Premium. Also, 0.05% Risk Premium will be applicable for customers not obtaining credit insurance cover.

This is a Floating rate scheme and is very attractive finance deal for someone looking for flexibility of part payment and Foreclosure as no other Bank offers Pre Payment and Foreclosure Flexibility right from next day of Loan Disbursement.


Important Highlights

Important to note that its a Floating Interest rate scheme by Banks. So basis Intertest Rate Fluctuations - your Interest Outflow will be impacted and may not be same at rate at which the loan booked 

Stamp Duty as per applicable rates needs to be paid and would be additional. Generally Stamp Duty Varies from State to State.

Your Cat Loan Rate is Determined after a thorough assessment by Bank including CIBIL Score

You can apply Online with Bank of Baroda and Union Bank for quick processing

Documents Required

  • Copy of PAN Number, Aadhaar Card
  • Address Proof (Verified from Aadhar, Utility Bill, Bank Statement, LIC Policy)
  • Latest ITR Return for 2 yrs with Computation for Business / Last 3 Month Salary Slip + 2 Year Form 16 for Salaried 
  • Bank Statement for last 6 months
  • 2 Passport Size Photograph
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Wednesday, 26 January 2022

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