Bank of India Car Loan Features | Benefits

Most people love to buy or we can say have a dream to buy a certain expensive car but they can’t, the only reason is budget.  People get upset and lose hope for that car and compromise with the choice then they purchase low budget car. 

Here, we talk about all things above is quite normal but there is change in it, now everyone can buy their dream car with ease. You all think that “how it is possible? 

To overcome this issue Bank of India came with an exciting opportunity i.e. Bank of India car loan.

To start with, it is important to understand the multiple cost factors involved for a car loan with regards to the banks funding and your down payment. Bank of India Provides different interest rates for the various categories from 9.35%

Bank of India Car loan Features and Benefits

• BOI car Loans are available for both salaried and self-employed.

• Special rates for BOI account holders

• Vehicle Loans granted to the age group between 18 to 65 years.

• Loan to Value Ratio is up to 86% of on-road price

• Maximum Tenure of loan is 7 years.

• Interest rates range from 9.35%

• EMI of Rs. 1,627 per lakh

BOI car loan Eligibility criteria 

If you are going for the car loan from BOI bank must check that you come under eligibility criteria. Here below we explain in detail eligibility criteria for Salaried, self-employed, and partnership firs/sole proprietorship/private limited companies

Eligibility 

• Salaried Individuals

  • Aged between 21 years and 60 years

  • Employed for a minimum of 2 years with at least 1 year with the current employer

  • Earn at least Rs.3 lakh p.a.

  • Have a telephone/post-paid mobile

• Self-Employed Individuals (Sole Proprietorship)

  • Should be in the business of trading, manufacturing, or services

  • Aged between 21 years and 65 years

  • Should have been in business for at least 2 years.

  • Have an annual income of at least Rs.3 lakh

• Self-Employed Individuals (Partnership Firms)

  • Self-employed partners in the manufacturing, trading or services business

  • Should have a turnover of at least Rs.3 lakh p.a.

• Self-Employed Individuals (Private Limited Companies)

  • Owners of private companies in the manufacturing, trading or services business

  • Should have a minimum annual income of Rs.3 lakh

• Self-Employed Individuals (Public Limited Companies)

  • Directors in public limited firms in the manufacturing, trading or services business

  • Have earnings of at least Rs.3 lakh p.a. 

Compare other bank car loan for better reference 

Documents required for Bank of India car loan

While applying for a car loan properly check all the documents that are mentioned below. Without these documents, loan is not possible to get. 

 Documents

How to apply for Bank of India car loan

There are two ways to get a car loan with Bank of India i.e. online application and in-branch application

Process to apply online

• Initially visit BOI bank official website

• At home page click on to go to “Personal” section

• Now go to on “Loan ” 

• Select the “BOI star vehicle loan”

• Click on apply now and complete the application form carefully

• Attached all mandatory documents with the application form and submit it

• Now wait for few minutes and you will notify soon whether you are eligible for loan or not

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