Bank of Baroda Pre-owned Car Loan 2026
Bank of Baroda funds pre-owned cars on a conservative “lowest of three values” basis, with repo-linked floating or MCLR-linked fixed rates. Interest rate 10.20% – 12.95%, loan Up to ₹50 lakh, tenure Up to 5 years (car age from invoice + tenure ≤ 96 months).
Rates as of Sep 2026 · Checked 27 September 2026Bank of Baroda Pre-owned Car Loan at a glance
- No prepayment charge on floating rate
- Clear, published funding formula
- Low minimum income
- Funding capped at 75% of value
- Car age + tenure limited to 8 years
Bank of Baroda used car loan interest rate & charges
| Feature | Bank of Baroda |
|---|---|
| Interest rate | 10.20% – 12.95% |
| Rate details | Floating: BRLLR + 2.50% to 5.25% (10.20% – 12.95%) for CIBIL 701+; fixed: 1-year MCLR + 2.90% to 5.65% (11.90% – 14.65%). Add 0.05% if you do not take group credit life insurance (GCLI). |
| Processing fee | 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST) |
| Loan amount | Up to ₹50 lakh |
| Tenure | Up to 5 years (car age from invoice + tenure ≤ 96 months) |
| Prepayment / foreclosure | Floating: nil; fixed: nil up to ₹40,000 within 2 years, 2% + GST above that, nil after 2 years |
| Funding | Lowest of 75% of market value, 75% of agreement value or 100% of insurance IDV |
| Minimum income | ₹2.5 lakh gross p.a. (salaried); ₹3 lakh (business, professional, agriculture) |
Special schemes & features
Finance for pre-owned cars from certified dealers
Published rates apply to CIBIL 701+
Source: bankofbaroda.bank.in, Sep 2026. Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at Bank of Baroda’s rates
| Loan amount | EMI @ 10.20% | EMI @ 11.58% | EMI @ 12.95% |
|---|---|---|---|
| ₹3,00,000 | ₹7,638 | ₹7,838 | ₹8,041 |
| ₹5,00,000 | ₹12,729 | ₹13,064 | ₹13,401 |
| ₹8,00,000 | ₹20,367 | ₹20,902 | ₹21,442 |
Tenure 4 years, reducing-balance method. Total interest on ₹5,00,000 at 10.20%: ₹1,11,010.
Bank of Baroda used car loan EMI calculator
Eligibility
- Salaried: gross annual income ₹2.5 lakh+
- Business, professional or agriculture: ₹3 lakh+
- CIBIL score 701+ for the published rate band
- Car age (from original invoice) + loan tenure ≤ 96 months
Documents required
- KYC: PAN and Aadhaar / passport / voter ID / driving licence
- Income proof: last 3 salary slips and Form 16, or 2 years’ ITR with financials for self-employed
- Bank statements (usually last 6 months)
- Copy of the car’s RC, valid insurance and PUC
- Sale agreement or dealer invoice / proforma
- Seller’s KYC and signed Form 29 and Form 30 for RC transfer
- If the car had a loan: previous financier’s NOC and Form 35
- Valuation / inspection report (arranged by the lender)
How to apply for Bank of Baroda Pre-owned Car Loan
- Check eligibilityKnow your credit score and how much EMI your income supports; get a pre-approval if your bank offers one.
- Shortlist and check the carVerify RC, pending finance, challans, service and accident history; get an inspection.
- ValuationThe lender’s empanelled valuer inspects the car; funding is a % of this valuation, not the asking price.
- Sanction and KFSCompare the Key Facts Statement (APR, fees, foreclosure terms) — it stays valid for at least 3 working days.
- PaperworkSign the loan agreement, Form 34 (hypothecation) and RC transfer forms; pay your down payment.
- Disbursal and RC updateThe lender usually pays the seller or dealer; the RC is transferred to you with the new lender’s hypothecation noted.
Bank of Baroda vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹5,00,000 |
|---|---|---|---|---|
| PNB Used Car Loan | 9.45% – 10.55% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 5 years (60 EMIs) | ₹12,550 |
| Indian Bank Pre-owned Car Loan | 9.55% – 11.65% | As per the bank’s service-charge schedule — ask the branch | Up to 6 years (72 months) | ₹12,574 |
| ICICI Bank Pre-owned Car Loan | 9.75% onwards | 2% of loan, max ₹20,000 + GST | Up to 7 years | ₹12,621 |
| Bank of Baroda Pre-owned Car Loan | 10.20% – 12.95% | 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST) | Up to 5 years (car age from invoice + tenure ≤ 96 months) | ₹12,729 |
| SBI Pre-owned Car Loan | 10.45% – 15.60% | 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST) | Up to 5 years (car age + tenure ≤ 10 years) | ₹12,790 |
| Tata Capital Used Car Loan | 10.49% onwards | Up to 2.95% of loan + GST | 12 – 72 months | ₹12,799 |
| HDFC Bank Used Car Loan | 11.25% onwards | As per sanction — see the KFS (not published on sources checked) | 12 – 60 months | ₹12,984 |
| Sundaram Finance Used Car Loan | 12.50% onwards | About ₹2,500 (aggregator) | Up to 4 years (48 months) | ₹13,290 |
Frequently asked questions
What is the Bank of Baroda Pre-owned Car Loan used car loan interest rate?
Bank of Baroda used car loan rates start at 10.20% and go up to 12.95% p.a. (as of Sep 2026). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹5,00,000 from Bank of Baroda?
At 10.20% for 4 years the EMI is about ₹12,729, with total interest of ₹1,11,010.
What is the processing fee?
Bank of Baroda: 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST). GST at 18% applies on fees.
What is the maximum tenure?
Bank of Baroda: Up to 5 years (car age from invoice + tenure ≤ 96 months).
Can I prepay or foreclose the loan?
Bank of Baroda: Floating: nil; fixed: nil up to ₹40,000 within 2 years, 2% + GST above that, nil after 2 years.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with Bank of Baroda Pre-owned Car Loan. Terms change — confirm with the lender.