Bank of India Car Loan Interest Rate, Document Required, Apply Online, EMI Calculator

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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%

Features 

New Car loan

Processing 

Minimum  Rs 500

Loan tenure

Upto 7years

Lowest EMI

1,634

Loan amount

Up to 86% of on-road price

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. 

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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

TYPE

Id Proof

Address proof

Income proof

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, salary slip last 3 month

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Form 16, latest ITR, 

Partnership Firms/private limited companies

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

 

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

Other Products of Bank of India 

BOI Bank Business loan

BOI Car loan

Bank of India credit card

BOI Loan EMI calculator

Last Updated on : 17/Jun/2020

Know More How To Apply ??

Know More About

Bank Of India Car Loan

You're eligible for a Bank Of India Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of India Car Loan Interest Rates

Updated on 25 Nov 2017

Bank Of India Car Loan Details
Interest Rate (Monthly reducing balance) 10.65% - 11.45%
Processing Fees 1 % of loan amount
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959