Cars, what we would have done without them? Way, way back, like a mega 135 years back, a certain gentleman named Karl Benz filed for a patent for an automobile which is officially considered the birth of an automobile. Owning a car back then was something only the super-rich could think of and empty their pockets on. Cut to the 20th century and in its 3rd decade, owning a car is easier than ever. Car loans have proved to be the real deal in terms of helping more and more people realise their dream of owning a car and helping them buy one. And with Bank of Baroda’s easy car loans and more importantly, the #EkForeverRishta philosophy, they prove to be the exact solution for your need.
Before diving into any details, it is important to understand a bit about car loans. By definition, a loan, in general, is the lending of money to individuals, organizations etc. by other individuals, organizations etc. In this case, the money is lent to the recipient is for the purchase of a vehicle. The recipient is liable to pay interest on the incurred debt until the loan is repaid.
A car loan is obtained against the vehicle you expect to buy, which implies the vehicle fills in as security against the loan amount. On the off chance that you default ( fail to repay the loan ) on your reimbursements, the moneylender can hold onto the vehicle, that is seize control of it. Given that the lender has monetary authority over the vehicle, and should the situation arise, the lender can seize control of the same, a car loan is hence considered a lower financial risk which by all obvious means translates into a relatively lower interest rate for the recipient. Interest rates are also fixed, so borrowers are not exposed to erratic repayments over and over again. The loan, as per the consensus, is paid off in fixed instalments throughout the loan amount.
Car loans have become increasingly easy to obtain and especially with something like Bank of Baroda #EkForeverRishta philosophy, customers are assured of a super easy and quick loan obtainment. As aforementioned, car loans can be secured at a significantly lower interest rate than other loans and for that very reason, a car loan can be obtained with a bit of mediocre credit history. On the other hand, until you pay off the final payment, the lender holds the ownership rights of your vehicle.
Automobile sales over the past few months have been phenomenal and the covid-19 pandemic had a significant role to play in it. With the obvious contagious nature of the virus, people looked towards private vehicles as a safer bet going forward. Now is a very good time to buy yourself a lovely car and with if you happen to approach a Bank of Baroda branch, you have appreciably eased your car loan procurement process.
Bank of Baroda’s auto loans are available for salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs. They offer attractive interest rates on car loans with up to 90% financing, making their loans a very good choice for funding your brand-new car. Furthermore, if you opt for a car loan from the Bank of Baroda, you benefit from quick processing, minimal documentation and speedy fund disbursal. Additionally, as a borrower, you are not required to pay foreclosure charges or pre-payment penalty, nor are required to pay advance EMIs. Bank of Baroda also offers higher loan limits and you can avail of loans up to INR 1 crore, should you happen to eye a luxury car. Also, Bank of Baroda takes care of your down payment worries with up to 90% financing of the on-road price. Additionally, should you happen to be an existing home loan borrower with a good credit history, you can enjoy a concession of 0.25% on your car loan interest rate. You can also conveniently calculate the EMI and download the required forms via Bank of Baroda’s official website.
At Bank of Baroda, customers are at the centre of everything. Bank of Baroda stands by their customers and has helped a lot of customers to realise their dreams by providing easy, feasible, affordable and practical solutions to their problems and they continue to carry on this noble vocation. By launching the #EkForeverRishta campaign, Bank of Baroda aims to create an inseparable bond with their customers which Bank of Baroda realises can be formed by patiently listening to their customers’ problems and needs and offering them easy, feasible, affordable and practical solutions for the same.
Bank of Baroda has been a committed friend of their customers for a long, long time and via this campaign, Bank of Baroda further aims to ease the loan procurement process which can help more and more people realise their dreams and possess a possession they always wanted too, be it a car, a home, education or simply the convenience of accessing critical banking functions from the comfort of their home. The various 15-second brand videos that Bank of Baroda released under this campaign beautifully captures the essence of their customer-centric philosophy and ideology.
As an individual, it is heartening to witness an organization to help you realise your dreams. In its 113 marvellous years of service, Bank of Baroda has put a smile on a lot of faces and now, your face could join that happy list. Head to your nearest Bank of Baroda branch to procure an easy car loan and purchase the car you always wanted because you deserve it, you have earned it.
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