Bank of India is a state owned commercial bank and it was established on 7 September 1906 and its headquarters in Mumbai. This bank provides a wide range of banking and financial services to the customers. Bank of India car Loans are available for both salaried and self-employed. Special rates for the person who already has an account in Bank of India.
Most people love to buy or we can say that they have a dream to buy an expensive car but they cant buy the only reason is budget. People get upset and lose hope for that car and compromise with the choice then they purchase a low budget car.
Here, we talk about all things above that are 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 with this issue Bank of India came with an exciting opportunity i.e. Bank of India car loan.
1. No guarantor required :
For availing car loan you do not need to provide any security.
2. Maximum tenure period :
Bank of India provides maximum loan tenure period is 7 years. It should be the best and convenient loan tenure for the customer.
3. Best interest rate :
The minimum interest rate of Bank of India car loans starts from 8.95%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and best interest rate.
4. One time processing fee :
Bank of India charges processing fee for salaried employees for purchasing a car is Rs.500 and for the self employed the processing fee is Rs.1000 (twice the fee application paid by the salaried employees).
5. Fast approval :
Bank of India provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the car loan by online.
If you are going for the car loan from BOI bank must check that you come under eligibility criteria.
Salaried Individuals :
Age between 18 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.
Self-Employed Individuals :
Age between 18 years and 65 years
Should have been in business for at least 2 years.
Have an annual income of at least Rs.3 lakh
While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get.
|
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 Form 16 or ITR |
|
Self-employed |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement, last 3 years ITR with computation of income, last 3 years CA certified/audited balance sheet and profit & loss account |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
There are two ways to get a car loan with Bank of India :
Offline Method : Visit nearest bank branch
Online Method :
Initially visit BOI bank official website
At home page click on 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
The following formula is used to calculate EMI of Bank of India car loan :
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Where;
EMI stands for equated monthly installment
P stands for the principal or the amount that is borrowed as a loan
R stands for the rate of interest
N is the tenure of repayment of the loan or the number of monthly installments that you will pay
|
|||||||
The interest rate of Bank of India car loans starts from 8.95%.
The minimum tenure period of a Bank of India car loan is 1 years and the maximum tenure period is 7 years .
Yes, age is an important factor to get a Bank of India car loan and the age should be at least 18 years to 65 years at the time of maturity.
For Bank of India car loans you can apply online and offline both.
The loan amount charged by Bank of India car loan is 85% of the on road price of the car.
Last Updated on : 26/Jul/2020Know More About
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
Updated on 25 Nov 2017
| Bank Of India Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.95% - 0% |
| Processing Fees | Minimum Rs.500 plus GST |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Car Loans EMI Calculator