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.
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
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
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.
Salaried employees, professionals, self employed, NRIs, companies, partnership firms, proprietary concerns, corporate entities
21 years to 65 years
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.
Filled application form
Passport size photograph
For salaried individuals = PAN card, voter’s ID, passport, Driving license
For self employed individuals = PAN card, voter’s ID, passport, driving license
For salaried individuals = Utility bills, passport, etc.
For self employed individuals = Utility bills, passport, etc.
For salaried individuals = Salary slips, IT returns, bank statements
For self employed individuals = Bank statements, IT returns, audited financial statements
9.15% to 15.90%
Start at 10.65%
Start at 11.83%
9.65% to 15%
10% to 18%
10% to 26%
Start at 11.83%
21% to 29%
Start at 11.50%
7.75% to 8.35%
Start at 10.70%
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 : email@example.com
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]
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
The minimum age is 21 years and the maximum age is 65 years to take a two wheeler loan from Bank of India.
The maximum loan amount is upto Rs.50 lakh of Bank of India for two wheeler loan.
You can apply offline by visiting the nearest bank branch or online for a Bank of India two wheeler loan.
No prepayment charges and foreclosure charges of Bank of India for two wheeler loan.
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.
The tenure period of Bank of India for two wheeler loan is 1 years to 5 years.
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
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