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BANK OF INDIA TWO WHEELER LOAN

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.

Age limit

21 years to 65 years

Interest Rate

Starts at 7.35% per annum

Processing Fee

1% of the loan amount (Minimum Rs 500 and Maximum Rs 10,000)

Loan Amount

Up to Rs 50 lakh

Loan Tenure

Up to 5 years

Features and Benefits of Bank of India Two wheeler loan

Here are the key features and benefits of the Bank of India bike loan:

  1. 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.

  2. 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. 

  3. 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. 

  4. Loan Tenure : You can get up to 5 years of tenure for the bike loan loan repayment. 

  5. 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. 

  6. Vehicle : The two wheeler loan by Bank of India can be used to buy new two wheelers, used two wheelers and superbikes.

Bank of India Two Wheeler Loan Eligibility Criteria

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. 

Documents Required for BOI Two Wheeler Loan

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:

Identity proof

Aadhar card, voter’s ID card, passport, driving license

Address proof

PAN card, voter’s ID card, passport, driving license

Income Proof

  • Salaried individual: Pay slips, bank statements

  • Self employed individual: ITR, bank statements

Others 

Signed application form, passport-size photos

Bank of India Two Wheeler Loan EMI Calculator

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. 

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

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 Bike Loan

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.

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. What are the interest rates for BOI bike loans?

The BOI two wheeler loan interest rate ranges from 7.35% per annum to 7.95% per annum. 

2. How old can a second-hand bike be for a BOI two wheeler loan?

For Bank of India two wheeler loan, the second-hand bike should not exceed the age of 3 years.

3. What is the maximum age limit to avail BOI bike loan?

The maximum age to avail Bank of India loan should not exceed 65 years at the time of maturity. 

4. Is there any security required for a Bank of India two wheeler loan?

Yes. Hypothecation of the bike is needed until the full repayment of bike loan. 

5. What is the repayment period for BOI bike loan?

The repayment tenure for a Bank of India is 5 years at maximum.

Last Updated on : 08/Mar/2021

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