Barclays Bank Car Loan Key Features – Jan 2021
| Barclays Bank Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount | Loan up to 90% of On Road Price |
| (Loan to Value) | or 100% of Ex-showroom Price |
| Barclays Bank car Loan Tenure | 12 to 60 months |
| Lowest EMI / Lac | ₹ 1,622 |
| Minimum Net Monthly Income | ₹ 20,000 |
| Minimum ITR for Self Employed | ₹ 2,00,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
| Barclays Bank car loan Processing Fee | 0.40% of the principal amount |
| Foreclosure Charges | 6% (7-12 months) |
| Basic Documentation | Address Proof, Bank Statement, Car Quotation and ID Proof, Experience Proof, Latest Photograph |
About Barclays Bank Car Loan
Barclays is a British multinational investment bank and financial services company, that has its headquarters in London, England. Barclays Bank offers Car Loans at reasonable interest rates to any interested individual for buying a new or second-handed car. A car loan is easily available which can be availed by anyone with a good credit/CIBIL score.
Advantages of Barclays Bank Car Loan
Barclays Bank Car Loan Eligibility
| Salaried Individual |
|
| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
Barclays Bank Car Loan Interest Rate, Fees, and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
| Barclays Bank car loan Processing fee | 0.40% | 0.40% |
| Issuance of Duplicate Repayment Schedule Charges | Around Rs.500 | Around Rs.500 |
| Foreclosure Charges | 6% | 6% |
| Penal Interest | 2% PM | 2% PM |
| Barclays Bank car loan Part Payment charges | 6% of the amount | 6% of the amount |
| Cheque/Instrument Swap Charge | Around Rs.500 | Around Rs.500 |
| Documentation Charge | Around Rs. 500 | Around Rs. 500 |
| Issuance of Duplicate No Dues Certificate Charges | Around Rs. 500 | Around Rs. 500 |
| Registration Certification Collection Charge | Around Rs. 200 | Around Rs. 200 |
| Cheque Bounce/Instrument Return Charges | Around Rs. 500 | Around Rs. 500 |
| Issuance of Duplicate Statement Charges | Around Rs. 500 | Around Rs. 500 |
| Loan Cancellation/Re-booking Charges | Around Rs. 1000 | Around Rs. 1000 |
| Issuance of Credit Report | Around Rs. 50 | Around Rs. 50 |
Barclays Bank Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Passport Voter ID Aadhar Card Driving License |
| Address Proof
(Any 1) |
Aadhar Card PAN Driving License Electricity Bill |
| Date of Birth Proof
(Any 1) |
Passport Birth Certificate High School Marksheet Driving Licence |
| Signature Proof
(Any 1) |
PAN Bankers Verification Passport |
| Income Proof | Salary Slip and latest Form No.16 |
| Bank Statement | Last 6 month Bank statement |
| Employment Continuity Proof | Job card by NREGA ITR of Form no. 16 Salary Slip mentioned with joining date Letter of Appointment |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | PAN Card Passport Voter ID Aadhar Card |
| Address Proof (Any 1) | PAN Card Voter ID Passport Electricity Bill |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
| Signature Proof (Any 1) | PAN Bankers Verification Passport |
| Bank Statement | Bank statement of last 6 months |
| Employment Continuity Proof | Latest ITRs Shop & Establishment Act Certificate Shop & Establishment Act Certificate Sales Tax or VAT Certificate |
| Business Proof | Registration Certificate Telephone Bill/Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence PAN Card Aadhar Card Passport |
| Address Proof (Any 1) | Electricity Bill/Telephone Bill Aadhar Card Driving License Voter ID |
| Income Proof | Audited Balance Sheet P&L Account ITR for the previous 2 years |
| Bank Statement | Last 6 month |
| Business Continuity Proof | Company ITR of the last 2 years Audited Balance Sheet TAX registration Certificate Current Account Statement |
| Additional documents | Letter of Authority or PAN Card |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | The latest copy of MOA and AOA Copy of Incorporation |
| Address Proof (Any 1) | SSI/MSME Registration Certificate Telephone Bill Electricity Bill Shop & Establishment Act Certificate Sales Tax Certificate |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Previous 6 Months |
| Business Continuity Proof | P&L account and ITR of the Company of the past 2 years Audited Balance Sheet Shop & Establishment Act Certificate |
| Additional documents |
List of Shareholding partners and Directors
Board Resolution PAN Card Certificate of Commencement of Business for Ltd. Co. |
How to Increase Your Eligibility for Barclays Bank Car Loan
- Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
- Keep your credit score in check – If you wish to increase your eligibility for a Barclays Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
- Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
- Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Barclays Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.
Factors Affecting Barclays Bank Car Loan Eligibility
The eligibility criteria for a car loan will depend on the below-given factors:
- Income – If your income is on the higher side, there is a good chance that your eligibility for a Barclays Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Barclays car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount – Your eligibility for a car loan from Barclays Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
- Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
- Credit score – This is an important factor that every bank, including Barclays Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
- Relationship with the bank – As stated earlier, Barclays Bank offers instant car loans to their existing customers. This allows Barclays Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.
Barclays Bank Car Loan Customer Care – Toll-Free Number
Barclays 24*7 customer care toll-free number all your general enquiries is +912260007888
Barclays Bank Car Loan EMI Calculator
Any interested individual can apply for the Barclays Bank Car Loan by visiting the below-mentioned address.
Barclays Bank Car Loan Types
Barclays Bank Car Loan has many options for interested people. Some of them are:
- New Car Loan – This kind of car loan provides credit to the applicant who is willing to buy a brand new car and provides a tenure of as long as seven years.
- Used Car Loan – With this, you can buy any used car with all necessary documents using the Barclays Bank used car loan feature with a tenure of 5 years.
- Loan Against Car – You can use your car as security and get a loan against it for quickly allocating essential funds.
Barclays Bank Car Loan Pre Calculated EMI
| Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
| 1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
| 3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
| 5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
| 10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Barclays Bank Car Loan?
- Visit Dialabank.
- Fill out the form that is available at the top of the page.
- Wait for our Relationship Manager will get in touch with you.
- You will be helped in comparing the different rates and choose the best way to go about the Barclays Bank Car Loan.
- You can get instant approval through Dialabank.
Tips to Decide the Right Amount of EMI in Car Loan
Car Loan EMI Changes in Case of Pre-payment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Barclays Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Barclays Bank gives you two options:
How to Calculate Barclays Bank Car Loan EMI
Before you avail of a car loan from Barclays Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Barclays Bank Car Loans for Top Selling Cars
Other Available Products from Barclays Bank
| Barclays Bank Two Wheeler Loan | Barclays Bank LAP | Barclays Bank Education Loan |
| Barclays Bank Car Loan | Barclays Bank Home Loan | Barclays Bank Business Loan |
Compare Barclays Bank Car Loan With Other Banks In India
| Car loan Banks | Interest Rates |
EMI per Rs 1 lakh for 7 Years
|
| Bank Of Baroda Car Loan | 8.80% – 10.55% |
Rs. 1,599 – Rs. 1,689
|
| Canara Bank Car Loan | 8.70% – 9.35% |
Rs. 1,594 – Rs. 1,627
|
| Corporation Bank Car Loan | 8.75% – 9.50% |
Rs. 1,596 – Rs. 1,634
|
| HDFC Bank Car Loan | 7.05% – 11.25% |
Rs. 1,512 – Rs. 1,725
|
| Private Bank Car Loan | 8.82% – 12.75% |
Rs. 1,600 – Rs. 1,806
|
| Union Bank Car Loan | 8.85% – 11.85% |
Rs. 1,601 – Rs. 1,757
|
| SBI Car Loan | 8.65% – 9.70% |
Rs. 1,609 – Rs. 1,645
|
FAQs for Barclays Bank Car Loan
What is Barclays Bank Car Loan?
Barclays Bank Car Loan is a financial product of Barclays Bank which provides Loans to the customers for purchasing a Car.
How can I get a Car Loan from Barclays Bank?
You can apply for a Car Loan with Barclays Bank by directly contacting the branch or apply with Dialabank for exciting offers on a Car Loan.
How does Barclays Bank Car Loan work?
Barclays Bank provides Loans to applicants willing to purchase a new car and the car is the only collateral involved in the process. Monthly EMIs are fixed with interest rates being charged on them.
What is the Barclays Bank Car Loan Rates?
7.35% per annum
is the Minimum Rate of Interest charged by Barclays Bank against the loan. How to Check the Barclays Bank car loan status?
You can check your Car Loan status by directly entering your Loan details in the “Loan Status” address on Barclays Bank’s official website. Or contact your Barclays Bank car Loan Department.
How to Calculate Car Loan Interest in Barclays Bank?
You can easily calculate the Interest as well as the EMI of your Loan by using Dialabank’s EMI Calculator.
What is the maximum loan amount I can avail myself of on a Car Loan from Barclays Bank?
Maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom price.
What is the loan tenure of Barclays Bank Car Loan?
The tenure of the Barclays Bank car Loan can go up to 60 months.
Can I get a 100% Car Loan from Barclays Bank?
Yes, you can avail 100% Car Loan on the ex-showroom price of the car.
How much Processing Fee is applicable on Barclays Bank Car Loan?
0.40% of the principal amount is the basic Processing Fee charged by Barclays Bank on Car Loans.
What are the EMI options available on the Barclays Bank car loan?
The options available are Step-Up EMI and Balloon EMI.
What are the Barclays Bank Car Loan Prepayment charges?
Up to 5% of the outstanding amount can be charged as Foreclosure Charges on Prepayment of the loan and to know the Barclays Bank car loan foreclosure process you can contact the bank.
Can I get a top-up loan on my existing Barclays Bank car loan?
Yes, Barclays Bank provides an option of Top-up Loan on Barclays Bank Car Loan for existing customers.
Do I need to provide a guarantor to avail myself of a car loan from Barclays Bank?
No, Barclays Bank Car Loan Doesn’t require any guarantor.
How to get Barclays Bank Car Loan Statement?
Get your Barclays Bank Car Loan statement by logging in to a car loan portal or Get it directly from the branch.
How to Pay Barclays Bank Car Loan Interest Online?
Pay your Barclays Bank Bank car Loan online by using Net Banking on Barclays Bank’s official website.
What if I can’t pay the interest on Barclays Bank Car Loan for three months?
The Bank charges around Rs.100 + GST for each EMI not paid on time.
How can I apply for EMI Moratorium on Barclays Bank Car Loan?
You can apply for EMI Moratorium by the direct link provided by the Bank through SMS or By visiting Barclays Bank Official Website.
What is the number for Barclays Bank Car Loan agent?
Dialabank is the most reliable Car Loan agent in Barclays Bank so Call us at 9878981166.
How to close the Barclays Bank car loan online?
You can initiate the Loan Closure procedure online but have to visit the branch to finish it.
What is Barclays Bank Car Loan Customer Care Number?
Ring us at 9878981166 for any of your questions.
How can I get a Barclays Bank car loan NOC online?
Follow the following steps to get your Barclays Bank car loan NOC online or to place a Barclays Bank car loan NOC request:
> Log in to Barclays Bank website with your credentials -> Customer Service -> Service Request -> Product -> Request for NOC.
OR
Visit the nearest Barclays Bank Bank Branch.
What is the Barclays Bank Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Barclays Bank Car Loan account.
- Pay the pre-closure charges as per Barclays Bank Car Loan.
What are the Barclays Bank Car Loan preclosure charges?
Barclays Bank Car Loan preclosure charges are up to 5%+ GST.
What is the Barclays Bank Car Loan maximum tenure?
The Barclays Bank Car Loan’s maximum tenure is 60 months.
What is the Barclays Bank Car Loan minimum tenure?
The Barclays Bank Car Loan minimum tenure is 12 months.
