Bank of Baroda Car Loan Interest Rate November 2026: Fixed or Floating
The Bank of Baroda car loan interest rate is 7.85% to 11.55% p.a. floating or 8.50% to 11.20% p.a. fixed on a new car, with your CIBIL score (cut-off 701) deciding where you land. The bank funds up to 90% of the on-road price for up to 84 months, and the floating rate rides on its BRLLR of 8.15%.
Baroda Car Loan in 2026: one product, two ways to price it
Bank of Baroda's new-car loan is the Baroda Car Loan, and you pick how the rate behaves: floating, linked to the bank's BRLLR, at 7.85% to 11.55% p.a., or fixed at 8.50% to 11.20% p.a. for the whole term.
Inside it sit the bob Digital Car Loan, an app route with a tighter band of 7.85% to 9.00% floating or 8.50% to 9.35% fixed; the bob Green Wheel for electric cars at 8.50% to 11.05% fixed; and a pre-owned car loan from 10.90%.
Two warnings. The bank prints no score-by-score grid, so a 701 score and an 800 score both sit "somewhere in the band" until it quotes you. Its product page, meanwhile, still shows an older 7.60% to 11.30% band; the rates page, effective 8 October 2026, says 7.85% to 11.55%, which this page uses.
Bank of Baroda car loan EMI
Loan amount: ₹8,00,000 at Bank of Baroda's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,164
for 60 months
₹9,69,825
Total payable
₹8,00,000
₹1,69,825
Interest is 17.5% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
Bank of Baroda car loan interest rate: how the number is built
The floating rate starts from the Baroda Repo Linked Lending Rate, 8.15% since 8 October 2026 (the RBI repo rate of 5.50% plus a 2.65% mark-up). The best profile gets BRLLR minus 0.30%, or 7.85%; the weakest pays BRLLR plus a spread the bank labels SP plus 3.15%, or 11.55%. Your CIBIL score (cut-off 701; a -1 score is also considered) sets your place in the band.
Three adjustments: plus 0.05% (0.10% on fixed) without the bank's Group Credit Life Insurance, minus 0.25% for an existing home loan borrower with a clean record, and minus 0.50% for pledging a deposit, NSC, KVP or LIC policy worth at least half the loan.
Fixed, used and electric
The fixed option prints only its 8.50% to 11.20% range and needs a minimum tenure of 37 months. Under the RBI's directions on pre-payment charges (loans sanctioned from 1 January 2026), a floating car loan to an individual can be closed free at any time; fixed loans are outside that protection, and this bank does charge. Used cars cost 10.90% to 13.65% floating or 11.90% to 14.65% fixed; electric cars are fixed-only at 8.50% to 11.05%.
What 7.85% means in rupees
Borrow ₹10 lakh over 7 years at the floor and the EMI is ₹15,512, with ₹3,02,973 of interest. At the 11.55% ceiling it is ₹17,413 a month and ₹4,62,691 of interest, so the band is worth ₹17,413 minus ₹15,512, or ₹1,901 a month. Test your own figures in the car loan EMI calculator.
Bank of Baroda car loan rates as published
| New car | 7.85% to 11.55% p.a. |
|---|---|
| Who gets the lowest rate | Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum cut off score is 701. CIBIL Score (-1) will also be considered. (No per-score grid published.) |
| Rate basis | Fixed or floating (BRLLR (Baroda Repo Linked Lending Rate) 8.15%) |
| Used car | 10.9% to 14.65% p.a. |
| Electric car | 8.5% to 11.05% p.a. |
| Lender's effective date | 8 October 2026 |
| Read on | 9 November 2026 |
Bank of Baroda's published rate table
Baroda Auto Loan - rate by product, condition and rate type (floating linked to BRLLR w.e.f. 08.10.2026; fixed from the MCLR-linked section)
| Rate type | Product | Conditions | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|---|---|
| Floating | Car Loan | New Car | From BRLLR -0.30% to BRLLR + SP + 3.15% | From 7.85% to 11.55% |
| Floating | Car Loan | Pre Owned Car | From BRLLR + SP +2.50% to BRLLR + SP + 5.25% | From 10.90% to 13.65% |
| Floating | Digital Car Loan | New Car | From BRLLR -0.30% to BRLLR + SP + 0.60% | From 7.85% to 9.00% |
| Fixed | Car Loan | New Car | - | From 8.50% to 11.20% |
| Fixed | Car Loan | Pre Owned Car | 1 year MCLR+SP+ 2.90% to 1 year MCLR+SP+5.65% (pre-owned product page) | From 11.90% to 14.65% |
| Fixed | bob Green Wheel (Electric Vehicle) | - | - | From 8.50% to 11.05% |
| Fixed | Digital Car Loan | New Car | - | From 8.50% to 9.35% |
Floating table note: 0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance). Fixed table notes: 0.05% Concession in ROI applicable for Car Loan customer opting for Group Credit Life Insurance Plan (subject to minimum 8.50%); 0.05% additional ROI will be applicable for Pre owned Car and Two Wheeler loan customer not opting for Group Credit Life Insurance Plan; 0.10% additional ROI will be applicable where individual customer does not opt GCLI. 1 Year MCLR 8.75% w.e.f 12.10.2026. Two Wheeler rows excluded.
EMI at Bank of Baroda's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,102 interest ₹1,06,120 | ₹7,756 interest ₹1,51,504 |
| ₹10 lakh | ₹20,205 interest ₹2,12,300 | ₹15,512 interest ₹3,03,008 |
| ₹15 lakh | ₹30,307 interest ₹3,18,420 | ₹23,267 interest ₹4,54,428 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹11,009 interest ₹1,60,540 | ₹8,706 interest ₹2,31,304 |
| ₹10 lakh | ₹22,018 interest ₹3,21,080 | ₹17,413 interest ₹4,62,692 |
| ₹15 lakh | ₹33,027 interest ₹4,81,620 | ₹26,119 interest ₹6,93,996 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Fees and charges on a Baroda Car Loan
Processing is a flat amount: ₹1,500 plus GST up to ₹10 lakh and ₹2,000 plus GST above it. The Baroda Direct Car Loan Scheme charges ₹1,000 plus GST; State, Central and PSU employees pay ₹500 plus GST, or nothing if they approach the bank directly; Baroda Yoddha (defence) customers pay nil.
Closing early depends on the rate type:
- Floating: nil for individuals, on part payment and full closure.
- Fixed: part payments up to ₹40,000 in total are free within 2 years of first disbursal, and everything is free after 2 years. Cross ₹40,000 or close inside 2 years and the charge is 2% plus GST on the entire amount prepaid.
Prepaying ₹1 lakh in month 10 of a fixed loan costs 2% of ₹1 lakh, or ₹2,000 plus GST; on floating it costs nothing. The bank's FAQ claims "no foreclosure charges or pre-payment penalty", but the MITC, which you sign, says otherwise for fixed loans.
Penal charges are 2% p.a. on the overdue amount. No documentation or NOC charges are listed, so ask in writing; see our car loan processing fees and charges guide.
Bank of Baroda car loan fees and charges
| Processing fee | Unified Processing Charges (For both FIXED and FLOATING Rate Option): Loan amount upto Rs 10 lacs - Rs. 1500/- + GST; Loan amount above Rs 10 lacs - Rs. 2000/- + GST; Rs. 1000/- + GST irrespective of Loan Amount under Baroda Direct Car Loan Scheme; Nil for Baroda Yoddha Loan Customer; Rs. 500/- + GST for State/Central/PSU employees (Nil for Customer Directly approaching Bank). |
|---|---|
| Prepayment and foreclosure | Pre-closure charges - For Floating Rate: Individual Nil; Non-Individual: Pre closure within 6 months of the Loan disbursement 4% of outstanding as per the original Repayment/EMI schedule (amortization balance), Pre closure after 6 months Nil. For Fixed Rate: Nil part payment charges upto cumulative amount Rs 40,000/- within a period of 2 years from first disbursement date; Nil pre-payment charges after a period of 2 years from first disbursement date; Pre/Part Payment charges @2%+GST on entire pre-payment if such amount exceeds Rs 40,000/- within 2 years from the first disbursement date; 2% + GST for entire pre-paid amount when account is closed within 2 years from the first disbursement date. |
| Penal Charges (bob Digital Car Loan page) | 2% p.a. on the amount of default for delayed payment of dues including principal, interest, service charges; also 2% p.a. on outstanding for non-submission of documents / non-compliance with sanction terms |
| Pre-owned car processing charges | 0.50% of loan amount plus GST (Minimum Rs. 2500/-+GST and maximum Rs. 10,000 + GST) |
| bob Digital Car Loan processing charges | 100% concession in processing charges to customers under Baroda Govt Employee Salary Account (SB182) and Baroda Defence Salary Package (SB186); otherwise the unified processing charges apply |
| Insurance | Comprehensive insurance of the vehicle with bank's clause |
| Note | Fees are published on the product page tabs ('Interest rates & charges' and 'Most Important Terms and Conditions (MITC)'); no separate car-loan schedule-of-charges document was found on the bank's site. The product page FAQ ('no foreclosure charges or pre-payment penalty') contradicts the fixed-rate prepayment charges in the MITC. |
Eligibility and documents
The bank lends to salaried employees, businessmen, professionals and farmers, and NRIs and PIOs, for a new car for private use. The borrower must be at least 21 (co-applicant 18), and age plus repayment period cannot cross 70.
No minimum income is printed. Instead, total deductions including the new EMI are capped at 60% of gross monthly income below ₹50,000, 70% from ₹50,000 to under ₹1,50,000, and 80% from ₹1,50,000. Self-employed applicants are tested on 2-year average annual income: 60% below ₹6 lakh, 80% above.
Funding is up to 90% of the on-road price; the bob Digital Car Loan cuts the margin to 7% (up to ₹50 lakh). The maximum loan is muddled: the MITC says ₹300 lakh for individuals, the FAQ ₹200 lakh, the landing page ₹5 crore; go by the MITC.
No document checklist is published; expect KYC, income proof, bank statements and the dealer's proforma invoice. Used-car funding is the lowest of 75% of market value, 75% of invoice or 100% of the insured declared value; see our used car loan guide.
Bank of Baroda car loan eligibility and limits
| Who can apply | Salaried employees; Businessmen, professionals and farmers; Directors of private and public limited companies, proprietor of proprietorship firms, partners of partnership firms; Corporate (Public Ltd Co / Private Ltd Co etc.) / Firms (Sole Proprietorship/ Partnership/LLP/Trust/Society etc.); NRIs/PIOs. Purpose: purchase of new passenger cars, multi utility vehicles (MUVs), SUVs, etc. for private use. |
|---|---|
| Age | Minimum: Borrower 21 years, Co-applicant 18 years. Maximum: Age of the applicant/co-applicant/guarantor + repayment period should not exceed 70 years |
| Income | No minimum income printed for Baroda Car Loan; eligibility based on repayment capacity (total deductions including proposed EMI should not exceed): Salaried - Gross Monthly Income less than Rs. 50,000: 60%; Rs. 50,000 & above but less than Rs. 1,50,000: 70%; Rs. 1,50,000 and above: 80%. Other - Average annual income (last 2 years) less than Rs. 6 lakhs: 60%; Rs. 6 lakhs and above: 80% |
| Loan amount | Maximum Limit Rs.500 Lakh (Individual : Rs.300.00 Lakh & Non-Individuals : Rs.500.00 Lakh) per MITC; the page FAQ says 'The maximum car loan limit for individuals is Rs. 200.00 lakh and for non-individuals it is Rs. 500 lakh'; vehicle-loan landing page says 'Up to Rs. 5 crore' |
| Tenure | Repayment Period: Maximum 84 Months, Minimum period 37 months (In case of Fixed ROI Car Loan) |
| Funding | Upto 90% financing on on-road price; MITC: Margin 10% margin on 'on road price' of the vehicle |
How to apply for a Bank of Baroda car loan
Three doors. The bob Digital Car Loan runs in the bank's app and website and starts at 7.85%, but no sanction or disbursal timeline is stated. The branch takes the paper file; State, Central and PSU staff who come in directly pay no fee, and government and defence salary account holders pay none on the digital loan. The dealer desk forwards your file.
Before you sign
Ask for the Key Facts Statement, mandatory since 1 October 2024: it shows the APR with every charge, the rate type and total interest, and stays valid for at least three working days. Check the GCLI loading, the reset clause and the prepayment clause; a charge it doesn't list can't be added later.
A floating rate resets at least once in three months under the RBI's external benchmark rules; at each reset you may choose a higher EMI, a longer tenure or a prepayment. No switch-to-fixed charge is published, so ask whether the option exists.
Common mistakes
- Expecting the product page's 7.60%; the rates page says 7.85%.
- Taking fixed "for safety", then prepaying inside 2 years at 2% plus GST.
- Comparing floors, not where your score lands in 7.85% to 11.55%.
Apply on Bank of Baroda's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who it suits and how it compares
Bank of Baroda suits a buyer scoring 701 or more who wants fixed and floating from one desk and prefers a flat fee; existing home loan borrowers (0.25% off) and anyone pledging a deposit (0.50% off) do best. Look elsewhere if you need more than 90% funding, score under 701, or want your exact rate before applying.
Against three public sector rivals
All four start at 7.85%. Union Bank of India gives 7.85% only from a CIC score of 825 (800 to 824 if salaried), stops at 10.25% and charges a flat ₹2,000 plus GST. Indian Overseas Bank has the tightest band, 7.85% to 8.85% (floor at 800 and above), a 0.50% fee capped at ₹5,000 and a 12% fixed option. Punjab & Sind Bank wants 825 for 7.85%, climbs to 14.30% below 650 and charges 0.25% up to ₹15,000, but funds 100% for government and PSU staff with a salary account.
Bank of Baroda's edge is a fixed new-car band at sanction, 8.50% to 11.20%, which none of the three matches. Its weakness is the missing grid and an 11.55% ceiling above Union Bank's 10.25% and Indian Overseas Bank's 8.85%. Across the 30 lenders that publish a floor, six print a lower one, led by UCO Bank at 7.70%; the median is 8.50%.
How to choose the right car loan
Start with your score; it decides your row at every bank. Compare the rate you'd actually get, not the floor, add the fee and the GCLI loading, and weigh the 0.65% fixed premium (8.50% minus 7.85%) against certainty. The car loan hub lists every lender we track.
Pros
- Fixed (8.50% to 11.20%) and floating (7.85% to 11.55%) on one product.
- Flat processing fee: ₹1,500 plus GST up to ₹10 lakh, ₹2,000 above.
- No prepayment or foreclosure charge on floating loans to individuals.
- 0.25% off for existing home loan borrowers, 0.50% off against liquid collateral.
Cons
- No score-wise grid; you learn your rate only when the bank quotes it.
- Fixed loans pay 2% plus GST on prepayments above ₹40,000 in the first 2 years.
- Declining Group Credit Life Insurance adds 0.05% (floating) or 0.10% (fixed).
- Stale figures on its own pages: a 7.60% floor, ₹200 lakh and ₹100 lakh caps.
Bank of Baroda against Union Bank of India and Indian Overseas Bank and Punjab & Sind Bank
| What | Bank of Baroda | Union Bank of India | Indian Overseas Bank | Punjab & Sind Bank |
|---|---|---|---|---|
| New car rate | 7.85% to 11.55% p.a. | 7.85% to 10.25% p.a. | 7.85% to 8.85% p.a. | 7.85% to 14.3% p.a. |
| Who gets the lowest rate | Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum cut off score is 701. CIBIL Score (-1) will also be considered. (No per-score grid published.) | New 4-Wheeler, CIC score 825 & above (salaried and non-salaried) and 800 to 824 salaried: EBLR - 0.40% = 7.85% | CIC-1 (CIBIL score 800 and above), individuals, non-electric four-wheeler: RLLR - 0.50 | CIBIL Credit Vision Score 825 & above, PSB Apna Vahan New Four Wheeler |
| Used car rate | 10.9% to 14.65% p.a. | 11.85% to 11.95% p.a. | Offered, rate on request | 10.05% to 16.3% p.a. |
| Electric car rate | 8.5% to 11.05% p.a. | 7.75% to 10.15% p.a. | 7.8% to 8.8% p.a. | 7.55% to 14% p.a. |
| Rate basis | Fixed or floating | Floating | Fixed or floating | Floating |
| Maximum tenure | Up to 7 years | Up to 7 years | Up to 7 years | Up to 7 years |
| Funding | Up to 90% of on-road price | Up to 90% of on-road price | Up to 90% of on-road price | Up to 100% of on-road price |
| Processing fee | By loan amount | Flat Rs.2000 Plus GST | 0.50 % | By loan amount |
| Prepayment | Pre-closure charges - For Floating Rate: Individual Nil | There is NO prepayment penalty if loan adjusted from own verifiable source. | No Prepayment Charges for all loans granted for purposes other than business to individuals on floating rate... | Nil for individuals and proprietorships |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the Bank of Baroda car loan interest rate in November 2026?
Is there a Bank of Baroda car loan EMI calculator?
What is the Bank of Baroda car loan eligibility?
What is the Bank of Baroda car loan processing fee?
How do I apply for a Bank of Baroda car loan?
What is the Bank of Baroda used car loan interest rate?
Does Bank of Baroda give a lower car loan rate for electric cars?
Can I prepay or foreclose a Bank of Baroda car loan without charges?
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Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- Bank of Baroda: Bank of Baroda, Retail Loans Interest Rates - Baroda Auto Loan (Interest Rate linked to BRLLR / linked to MCLR)
- Union Bank of India: Union Bank of India, Rate of Interest for Retail Lending Schemes w.e.f. 08.10.2026 (Retail Asset Vertical) - 2. Union Vehicle Loan / Union Green Vehicle Loan
- Indian Overseas Bank: Indian Overseas Bank, Lending Interest Rates (Retail Credit Interest Rates)
- Punjab & Sind Bank: Punjab & Sind Bank, PSB Prime Lending Rate (EBLR rate of interest tables)
Last verified: 9 November 2026
Written by Abhishek Kumar, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.