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Explore car loans from Bank of Baroda
Car Loan
For purchase of any new/old (not more than 10 years old) four wheelers ie, Car, Jeep, Station Wagon etc for private use.
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Benefits
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Features
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Eligibility
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Documentation
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Interest Rates & Charges
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Terms & Conditions
- For purchase of any new/old (not more than 10 years old) four wheelers ie, Car, Jeep, Station Wagon etc for private use.
- Not more than Tzs.30.00Mn
- An Employee who has put in a satisfactory service of minimum one year.
- Visit our nearest Branch for Documentation.
- 10% per annum (fixed).
- During the pendency of car loan, if an employee resigns or terminated, the outstanding loan amount is to be recovered with interest at the rate applicable to other than staff members (presently 15%).
- Recovery of loan installments shall be from the salary of the employee directly or from his/her savings account.
- Total deduction including installment for the car loan shall not exceed 60% of gross salary.
As far as possible the staff resigned or terminated should pay off the loan before leaving the bank. However, in the event of leaving the bank before pay off the loan, the loan may continue till the maturity but with commercial rate of interest from the date of leaving the bank
