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Bank of India Car Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
BOI Star Vehicle Loan 9.30-9.90%, Fixed 500+ applicable charges 50,00,000 7 Years
Details
Documents Required

  • 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.
Benefits

  • 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.
Eligibility

  • 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.
Other Details

  • 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

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