The Bank of India offers vehicle loans on four wheelers and two wheelers including cars, superbikes and even used vehicles. If you are wondering where you should avail the bike loan from then you can consider the BOI two wheeler loan. With interest rates as low as 7.35% per annum and flexible repayment tenure, the Bank of India bike loan can be all that you need to welcome your dream bike home.
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.
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Age limit |
21 years to 65 years |
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Interest Rate |
Starts at 7.35% per annum |
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Processing Fee |
1% of the loan amount (Minimum Rs 500 and Maximum Rs 10,000) |
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Loan Amount |
Up to Rs 50 lakh |
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Loan Tenure |
Up to 5 years |
Here are the key features and benefits of the Bank of India bike loan:
Rate of Interest : The BOI two wheeler loan comes at a competitive rate of interest. Bank of India offers two wheeler loans at the interest rate that ranges from 7.35% per annum to 7.95% per annum.
Loan Amount : Bank of India two wheeler loans can be availed for the amount of up to Rs 50 lakhs. The loan amount may vary depending on the income and the value of your vehicle.
Processing Fees :The processing fee charged by the Bank of India for two wheeler loan calculates as low as 1% with the minimum of Rs 500 and Rs 10,000 at maximum.
Loan Tenure : You can get up to 5 years of tenure for the bike loan loan repayment.
Availability : Bank of India offers bike loans to a wide set of groups. The individuals who are eligible for the BOI two wheeler loan come from a number of groups such as salaried, self employed, professionals, non-resident Indians, proprietary concern, partnership firms, companies or any other corporate entity.
Vehicle : The two wheeler loan by Bank of India can be used to buy new two wheelers, used two wheelers and superbikes.
You are required to meet all the requirements set by Bank of India as per the eligibility criteria. This eligibility criteria is a must in determining whether or not you should be availed the BOI bike loan.
Here is the eligibility criteria for Bank of India two wheeler loan:
The age of loan applicant should be between 21 years to 65 years.
Salaried individuals, professionals, non-residents of India, self-employed individuals and partnership firms can avail the BOI two vehicle loan.
Applicants must have a steady source of income.
You need to submit all the documents that are asked by Bank of India to avail the bike loan. Here are documents required by the bank:
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Identity proof |
Aadhar card, voter’s ID card, passport, driving license |
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Address proof |
PAN card, voter’s ID card, passport, driving license |
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Income Proof |
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Others |
Signed application form, passport-size photos |
Since you repay the BOI two wheeler loan in Equated Monthly Installments (EMIs), you must ensure how much amount will be on you every month to repay the Bank of India bike loan.
In order to check the BOI bike loan EMI, you can use the EMI calculator. Here is how to do that:
Visit the official website of Bank of India.
Click on the menu (three horizontal lines) in the top right corner.
In the list of options, find and hit the “Calculator” option.
On the BOI EMI calculator page, fill in necessary fields that are required to calculate the EMI. You will be required to fill in the loan amount, rate of interest and the repayment period in months.
You should now be able to view the total bike loan EMI that you will have to pay. The amount of EMI will appear above the calculator.
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
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BANKS |
INTEREST RATE |
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9.15% to 15.90% |
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Start at 10.65% |
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Start at 11.83% |
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9.65% to 15% |
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10% to 18% |
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10% to 26% |
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Start at 11.83% |
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21% to 29% |
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Start at 11.50% |
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7.75% to 8.35% |
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Start at 10.70% |
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To apply for Bank of India two wheeler loan, you can do either of the following:
Contact the customer service of Bank of India and enquire about the two wheeler loan procedure with the representative.
Visit the nearest branch of Bank of India. There you can talk with the executive about the bike loan application process. You need to fill the application form with all the necessary details and carry all the documents that are required by the lender.
Contact number : 18001031906
Email id : [email protected]
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,
The BOI two wheeler loan interest rate ranges from 7.35% per annum to 7.95% per annum.
For Bank of India two wheeler loan, the second-hand bike should not exceed the age of 3 years.
The maximum age to avail Bank of India loan should not exceed 65 years at the time of maturity.
Yes. Hypothecation of the bike is needed until the full repayment of bike loan.
The repayment tenure for a Bank of India is 5 years at maximum.
Last Updated on : 08/Mar/2021Know More About
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
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