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BANK OF INDIA CAR LOAN 

ABOUT BANK OF INDIA CAR LOAN :

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.

BENEFITS OF BANK OF INDIA NEW 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.

ELIGIBILITY CRITERIA FOR BANK OF INDIA CAR LOAN :

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

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. 

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

COMPARE OTHERS BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

HOW TO APPLY FOR BANK OF INDIA CAR LOAN :

There are two ways to get a car loan with Bank of India : 

  1. Offline Method : Visit nearest bank branch 

  2. 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

OTHER PRODUCTS OF BANK OF INDIA :

  1. Bank of India Personal Loan

  2. Bank of India Car loan 

  3. Bank of India Credit Card

  4. Bank of India EMI Calculator

HOW TO CALCULATE EMI OF BANK OF INDIA CAR LOAN :

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 

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. How much interest rate charged by Bank of India car loan?

The interest rate of Bank of India car loans starts from 8.95%.

2. What is the tenure period of a Bank of India car loan?

The minimum tenure period of a Bank of India car loan is 1 years and the maximum tenure period is 7 years .

3. Is age an important factor to get a Bank of India car loan?

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.

4. How to apply for a Bank of India car loan?

For Bank of India car loans you can apply online and offline both.

5. What loan amount is charged by a Bank of India car loan?

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/2020

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) 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

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