Duly filled in application form along with 3 recent passports sized photographs
Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
Identity Card of Employer
Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
The car loan in Bank of India is available for both residents as well as non-resident Indians.
The maximum repayment tenure is spread over 7 years for individual salaried applicants.
The maximum repayment period in case of firms, corporates and so on stands at 5 years.
Get attractive interest rates on a car loan from Bank of India
The equated monthly instalments are easy on the pockets of the borrowers.
No processing charges for retired employees of the bank, senior citizens, pensioners drawing a pension from BOI.
The applicant should be any one of the following to secure the home loan from Bank of India – Salaried Individual, Self-employed salaried employees, professionals, Self-employed Non-Resident Indians (advance to be granted jointly along with resident Indians- close relative)
Partnership firms, companies, proprietary concern and other types of corporate entities.
The minimum age of the applicant should be 21 years
The applicants should not exceed 65 years of age at the time of applying for the car loan
The applicant should have a regular source of income to secure the loan
Hindu Undivided Family is not eligible to secure a car loan with Bank of India.
Processing Charges for a new four wheeler loan is Rs 500 per application in urban areas.
Rate of Interest is 1 year MCLR + 0.85% (1 Year MCLR = 8.70%).
Maximum limit of loan for Indian made vehicles is Rs 50,00,000 in case of individuals
Maximum limit of loan for companies and corporate entities is Rs 100 lakhs