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BANK OF INDIA TWO WHEELER LOAN 

Bank of India Two Wheeler Loan Details

Bank of India is a state owned commercial bank and it was established on 7 September 1906 and their headquarters in Mumbai. This bank provides a wide range of banking and financial services to the customers.

The two wheeler loan helps you to purchase a motorcycle or a scooter of your choice and pay it in equated Monthly Installments EMIs. Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get a two wheeler loan 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 Two Wheeler Loan. It provides funds for purchasing of fresh 2 wheelers i.e. Scooters, Motor Cycles, Mopeds, Battery-Operated Scooters etc. of any make and model. Salaried employees, professionals, self employed, NRIs, companies, partnership firms, proprietary concerns, corporate entities are eligible to take this loan.

Benefits of Bank of India Two Wheeler Loan 

1. Simple documentation process

2. Attractive interest rate start at 7.75% to 8.35% per annum

3. Provides maximum loan amount upto Rs.50 lakh

4. Wide range of individuals and firms are eligible

5. Repayment tenure upto 5 years

6. This loan can be used to purchase of both new and second hand bike as well as superbike

7. Non Resident Indians can avail this loan

Fee and Charges of Bank of India Two Wheeler Loan

To apply for a two wheeler loan, you have to pay fees and charges applied by the Bank of India. It covers all charges and fees made by a bank to their customers.The following charges are taken from Bank of India i.e processing fee, prepayment / foreclosure charges etc.

1. Processing fee =  1% of the loan amount (Minimum Rs.500 and Maximum Rs.10000)

2. Foreclosure charges = NIL

3. Tenure period = 1 year to 5 years

4. Loan amount = Upto Rs.50 lakh

Eligibility Criteria for Bank of India Two Wheeler Loan

Before applying for a loan for two wheeler from Bank of India, you should fulfil all basic eligibility criteria as prescribed by the bank. For the Bank of India two wheeler loan application the salaried employees, professionals, self employed, NRIs, companies, partnership firms, proprietary concerns, corporate entities are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

ELIGIBLE 

Salaried employees, professionals, self employed, NRIs, companies, partnership firms, proprietary concerns, corporate entities

AGE 

21 years to 65  years

CREDIT SCORE 

Preferred 750

Documents Required for Bank of India Two Wheeler Loan

Any applicant who is going to avail a loan for two wheeler from Bank of India must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

  1. Filled application form

  2. Proforma Invoice

  3. Passport size photograph

  4. Identity Proof 

  • For salaried individuals = PAN card, voter’s ID, passport, Driving license

  • For self employed individuals = PAN card, voter’s ID, passport, driving license

  1. Address Proof

  • For salaried individuals = Utility bills, passport, etc.

  • For self employed individuals = Utility bills, passport, etc.

  1. Income Proof

  • For salaried individuals = Salary slips, IT returns, bank statements

  • For self employed individuals = Bank statements, IT returns, audited financial statements

Compare other banks two wheeler loan Interest Rates

BANKS 

INTEREST RATE 

AXIS Bank Super Bike Loan

9.15% to 15.90%

SBI Super Bike Loan 

Start at 10.65%

HDFC Bank Two Wheeler Loan 

Start at 11.83%

HDFC Bank Super Bike Loan

9.65% to 15%

YES Bank Bike Loan 

10% to 18%

ICICI Bank Two Wheeler Loan 

10% to 26%

IDBI Bank Two Wheeler Loan 

Start at 11.83%

Indusind Bank Two Wheeler Loan 

21% to 29%

Bank of Baroda Two Wheeler Loan 

Start at 11.50%

Bank of India Two Wheeler Loan 

7.75% to 8.35%

Punjab National Bank Two Wheeler Loan

Start at 10.70%

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 Education Loan

How to Apply for Bank of India Two Wheeler Loan

There are two ways to apply for Bank of India Two Wheeler Loan :

1. Offline Method : By visiting the nearest bank branch 

2. Online Method 

  • Firstly visit lenders website or branch from which you want to get loan

  • Fill the application form and read all the term and conditions

  • Attach all required documents with an application form

  • After submitting form lenders will let you know that you eligible or not for the loan

Bank of India Two Wheeler Loan Customer Care

Contact number : 18001031906

Email id : boi.callcenter@bankofindia.co.in

How to calculate EMI of Bank of India Two Wheeler Loan

The mathematical formula is used to calculating EMI of Bank of India Two Wheeler Loan

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P stands for the loan amount or principal, 

R is the interest rate per month and 

N is the number of monthly installments.

Financials products offered by Bank 

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

Bank of India Two Wheeler Loan Frequently Asked Questions 

1. How much age of the customer is required to take a two wheeler loan from Bank of India?

The minimum age is 21 years and the maximum age is 65 years to take a two wheeler loan from Bank of India.

2. What is the maximum loan amount of Bank of India for two wheeler loan?

The maximum loan amount is upto Rs.50 lakh of Bank of India for two wheeler loan.

3. How to apply for a Bank of India two wheeler loan?

You can apply offline by visiting the nearest bank branch or online for a Bank of India two wheeler loan.

4. Is there any prepayment and foreclosure charges of Bank of India for two wheeler loan?

No prepayment charges and foreclosure charges of Bank of India for two wheeler loan.

5. Who is eligible to take a two wheeler loan from Bank of India ? 

Salaried employees, professionals, self employed, NRIs, companies, partnership firms, proprietary concerns, corporate entities are eligible to take a two wheeler loan from Bank of India.

6. What is the tenure period of Bank of India for two wheeler loan?

The tenure period of Bank of India for two wheeler loan is 1 years to 5 years.

7. How much interest rate is charged by the Bank of India for a two wheeler loan?

The interest rate of Bank of India for two wheeler loan is ranging from 7.75% to 8.35% per annum.

Last Updated on : 01/Sep/2020

Know More About

Bank Of India Two Wheeler Loan

You're eligible for a Bank Of India Two Wheeler 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 Two Wheeler 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 Two Wheeler Loan Interest Rates

Updated on 25 Nov 2017

Bank Of India Two Wheeler Loan Details
Interest Rate (Monthly reducing balance) 7.75% - 8.35%
Processing Fees 1% of the loan amount (Minimum Rs.500 and Maximum Rs.10000)
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Two Wheeler 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