Best Car Loan Scheme Review of March 2022: Bank of Baroda, SBI 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 March 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
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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 Foreclosure 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.
SBI Car Loan
With Interest Rates set to Increase soon - SBI Offering Car Loan at Fixed Interest Rates
| SBI Car Loan | SBI Car Loan Interest Rate in March 2022 |
| Interest Rate (where CIBIL Score > 756 | 7.25% (3 to 5 year) / 7.35% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is 721 - 756) | 7.5% (3 to 5 year) / 7.6% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is 688 - 720) | 7.75% (3 to 5 Year) / 7.85% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is under 688) | 7.85% (3 to 5 Year) / 7.95% (6 year & 7 year) |
Implies once the loan disbursed your rate wont be impacted due to any Fluctuations. Also
- No Pre Payment Charges on Car Loan after 2 Years
- No Foreclosure Penalty Charges after 2 Years
- 100% Waiver in Loan Processing Fees till 31st March 2022
- Upto 90% On Road Finance
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