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Bank of India Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
BOI Star Vehicle Loan 9.30-9.90%, Fixed 500+ applicable charges 50,00,000 7 Years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • The car loan in Bank of India is available for both residents as well as non-resident Indians.
  • The maximum repayment tenure is spread over 7 years for individual salaried applicants.
  • The maximum repayment period in case of firms, corporates and so on stands at 5 years.
  • Get attractive interest rates on a car loan from Bank of India
  • The equated monthly instalments are easy on the pockets of the borrowers.
  • No processing charges for retired employees of the bank, senior citizens, pensioners drawing a pension from BOI.
Eligibility

  • The applicant should be any one of the following to secure the home loan from Bank of India – Salaried Individual, Self-employed salaried employees, professionals, Self-employed Non-Resident Indians (advance to be granted jointly along with resident Indians- close relative)
  • Partnership firms, companies, proprietary concern and other types of corporate entities.
  • The minimum age of the applicant should be 21 years
  • The applicants should not exceed 65 years of age at the time of applying for the car loan
  • The applicant should have a regular source of income to secure the loan
  • Hindu Undivided Family is not eligible to secure a car loan with Bank of India.
Other Details

  • Processing Charges for a new four wheeler loan is Rs 500 per application in urban areas.
  • Rate of Interest is 1 year MCLR + 0.85% (1 Year MCLR = 8.70%).
  • Maximum limit of loan for Indian made vehicles is Rs 50,00,000 in case of individuals
  • Maximum limit of loan for companies and corporate entities is Rs 100 lakhs

FAQs

Q: Does Bank of India offers concession on processing charges?

A: BOI offers concessions on processing charges.

The fees are waived for the following borrowers.

  • Senior Citizens.
  • Bank Of India staff members.
  • Retired Staff of Bank Of India.
  • Pensioners drawing a pension from Bank Of India.

Q: What is the maximum loan amount that a borrower can take from Bank of India for Car Loan?

A: The maximum loan quantum set by Bank of India are given below:

  • For Indian-manufactured cars get up to Rs. 50 lakhs.
  • For imported cars loan amount offered is up to Rs. 100 lakhs.
  • For NRIs get up to Rs. 50 lakhs.

Q: Can I finance a car that I have already purchased?

A: Yes, Bank of India will provide reimbursement for the car you purchased using your own source of finance. You can pay back the reimbursement with easy instalments as per the terms and interest rate set by the Bank of India Car Loan Scheme.

Q: Can a borrower avail a loan to finance a pre-owned car?

A: Yes, Bank of India provides car loan for pre-owned cars but the car should not be more than 3 years old from the time of registration.

Q: Does the Bank of India charge any penalties for late payments of car loan?

A. Bank of India has not specified any penalty fees for late payments. You can ask all the details from the bank representative at the time of availing car loan.

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