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Explore car loans from Bank of Baroda
Vehicle Loan
The Vehicle loan facility is designed for salaried individuals and self employed persons who would like to purchase a new/ reconditioned or second hand vehicle at very attractive rates.
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New/ Reconditioned Vehicles
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Second Hand Vehicles
Purpose
Purchase of new/reconditioned vehicle
Amount
Max GYD$ 20.00 Million
Margin
10% for new/reconditioned
Repayment Period
Max 48 months
Security
Bill of Sale on Vehicle
Interest Rate
10% p.a. (Personal-use)
12% p.a. (Commercial-use)
Documents Required
- Application Form
- ID/ Passport
- Proof of Address
- Payslip & Job Letter (Most Recent)
- Tin Certificate
- 2 Passport sized photographs
- Statement of other savings account (If any)
- Quotation for New/ Reconditioned Vehicle
(Additional information may be required upon bank’s request)
Purpose
Purchase of second-hand vehicle
Amount
Max GYD$ 20.00 Million
Margin
25% for second hand
Repayment Period
Max 48 months
Security
Bill of Sale on Vehicle
Interest Rate
10% p.a. (Personal-use)
12% p.a. (Commercial-use)
Documents Required
- Application Form
- ID/ Passport
- Proof of Address
- Payslip & Job Letter (Most Recent)
- Tin Certificate
- 2 Passport sized photographs
- Statement of other savings account (If any)
- Valuation & Agreement of sale for Vehicle
(Additional information may be required upon bank’s request)
The bank allows a maximum of G$1,500,000 for the purchase of second hand vehicles. These vehicles should not be registered in Guyana for more than three (3) years.
Customers are required to finance 30% of the cost of the vehicle and the bank will finance 70%.
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