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Car Loan

About the Bank of India
 

Bank of India is a nationalized bank founded in the year 1906 and headquartered at Mumbai. The Bank of India has 4963 branches in India that are spread over the length and breadth of the country. Bank of India also has overseas presence in 22 foreign countries across 5 continents. Bank of India offers several banking and financial services to the citizens of India as well as NRIs.


Bank of India Car Loan: An Overview


Owning a car used to be a luxury statement as well as a dream rather than a reality for people in the earlier times. However, today it is more of a necessity of life as it provides a reliable means of transport for one’s family. Due to the high cost of living, several people, whose salaries or incomes are not sufficient to buy a car outright, they have to wait for their savings to grow larger so that they can still live their dreams of owning a car no matter if it’s a pre-owned car or a new one. Bank of India offers the Bank of India Star Vehicle Loan Scheme for such individuals.


The Bank of India Star Vehicle Loan Scheme is offered to individuals to purchase a two/four wheeler vehicles (not requiring heavy duty license), as well as for purchase of used/second hand 2 and 4 wheeler (age of the vehicle not to exceed 3 years). This car loan can also be availed for the purpose of reimbursement of cost of four wheeler purchased from own sources.

Types and Features of Bank of India car loan

  • Can be availed for both new and used cars
  • Loan also granted to NRIs
  • Rate of interest is applied on a daily reducing balance
  • Repayment time for new car loan is 7 years and old car loan is 3 years

Bank of India car loan is offered for the purchase of the new car as well as the pre-owned car.  The different Bank of India plans for car loans include:
 

  1. Bank of India Loan for a new car:

New car loan provided by Bank of India Bank is a term loan which is offered for the on road price of the new 4-wheeler.
 

Features of New Car Loan provided by Bank of India:
 

  • New Car loan from BOI is a term loan.
  • BOI approves on-road price for the loan amount.
  • Maximum car loan amount eligibility limit for Indian make vehicles as approved by the Bank of India is Rs 25 lakhs.
  • Maximum car loan amount eligibility limit for imported cars as approved by the Bank of India is Rs 75 lakhs.
  • Minimum tenure for a car loan pre-defined by Bank of India is 12 months.
  • Maximum tenure for a car loan pre-defined by Bank of India is 84 months.
  • Bank of India car loan interest rates for new car are 10.65%.
  • Bank of India takes around 7 days to approve applications for car loan
  • List of preferred manufacturers for offering new car by Bank of India  are Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota
  • Bank of India keeps loan Margin of 25% for new car loans
  • Processing fee for Bank of India car loan is 1% processing charge on new car loans, which is minimum Rs.2000 and maximum Rs. 10000.
  1. Bank of India Car Loan for a pre-used car:


Living by its motto- ‘Relationship Beyond Banking’, BOI understands what its customers need. Based on their needs & requirements for Bank of India car loan, BOI offers car loan for pre-owned car. Pre-used car loan by BOI is a demand loan that can be availed for cars which are not more than 3 years old. Have a look at the highlighting features of the pre-owned car loan by Bank of India.


Highlights of Pre-used car loan provided by Bank of India:
 

  • Pre-used Car loan from BOI is a demand loan.
  • The bank approves on-road price for the loan amount.
  • The bank approves 24 times of the gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
  • Maximum loan amount limit for Indian make vehicles as approved by the Bank of India is Rs 25 lakhs.
  • Maximum loan amount limit for imported cars as approved by the BOI is Rs 75 lakhs.
  • Minimum tenure for a pre-used car loan pre-defined by Bank of India is 12 months.
  • Maximum tenure for a pre-used car loan pre-defined by Bank of India is 36 months.
  • Interest rate offered by BOI for pre-used car is 11.45%.
  • BOI takes around 7 days to approve pre-used car loan applications
  • List of preferred manufacturers for offering pre-used car by Bank of India are Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota 
  • Bank of India (BOI) keeps loan Margin of 30% for pre-used car loans
  • BOI charges 1% processing charge on pre-used car loans, which is minimum Rs.2000 and maximum Rs. 10,000.

Car loan Eligibility for Bank of India:
 

  • Type of employment: The loan applicant can be salaried, self-employed or non-resident Indian. Companies, partnership firms, proprietary concern and other types of corporate entities are also eligible for a BOI car loan. HUFs are not eligible.
  • Age of applicant: Age of the individual borrower must not exceed 65 years at the time of applying for the Bank of India car loan.
  • Income requirement: The applicant must meet the minimum net monthly income criteria of the Bank.

Documents for Bank of India car loan

Documentation needed to apply for a BOI Car Loan
 

  • Signed Bank of India car loan application form
  • Passport sized photograph
  • Photo Identity Details
  • Age proof
  • Residence proof
  • Last 6 months bank statement
  • Documentation for salaried applicants:
     
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
       
  • 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

Applicable Car Loan Interest Rates

Bank of India charges floating type car loan interest rates.
 

  • For a new car the prevailing Bank of India car loan interest rates are @ 0.45% above BR, 10.15% for a tenure of up to 7 years
  • For a used car the prevailing Bank of India car loan interest rates are @ 1.25% above BR, 10.85% for a tenure of up to 3 years

Check your Car Loan Eligibility

To check whether you are eligible for a car loan or not, you can use our Car Loan Eligibility Tool at PaisaBazaar.
 

  1. How to check eligibility for Bank of India Car loan at PaisaBazaar?

To check car loan eligibility at PaisaBazaar, a car loan borrower needs to click on  Bank of India Car Loan eligibility calculator to get the online car loan eligibility calculator tool. This calculator is simple, easy & quick to use. To use this tool, a user would need to answer few basic and simple questions, for example the type of car he is looking for; current residential city, make or brand of the car, when is he intended to buy the car, loan amount he intends to borrow, duration of car loan for he wishes to take car loan for, his employment status. Once user fills all the required information to calculate Bank of India (BOI) Car loan eligibility, he would need to submit the results to view the possible outcomes.
 

  1. Reasons to use Bank of India Car Loan eligibility calculator at PaisaBazaar
     
    1. It avoids wasting crucial time: With PaisaBazaar’s Bank of India Car Loan eligibility calculator, an intended car loan borrower can save a lot of time as he would not have to visit BOI branch personally and wait for discussion with representatives at Bank of India. With the eligibility calculator tool, the user can instantly check his eligibility within minutes and make decisions accordingly.
    2. There is no need to make extra efforts: Yes, you read it right. Borrowing a car loan demands lot of efforts in research. But since Bank of India Car Loan eligibility calculator at PaisaBazaar is automatic, a loan borrower does not have to try and test his eligibility for every other car loan scheme. With this calculator he can refer to all the other alternative loan products to be considered for availing car loan.  Car loan borrowers can even enjoy the benefit of pre-approved car loans if they have all the required documents.
    3. It helps you to make comparison: Comparison helps in grabbing great deals on car loans. With this BOI Car Loan eligibility calculator, you can easily compare different car loans offered by BOI as well as compare them from various car loan plans offered by other leading banks to get the most suited car loan plan. 

Why apply for Bank of India Car Loan at PaisaBazaar?

With its numerous online calculation tools, Paisabazaar.com has made the process of applying for the Bank of India car loan, be it new car loan or pre-used car loans simpler. At PaisaBazaar.com, car loan borrowers can check their Bank of India car loan eligibility, calculate car loan EMI on Bank of India car loan, and look for best car loans in India, compare car loan plans and even apply for Bank of India car loan online only at PaisaBazaar.


PaisaBazaar offers lots of reasons to apply for BOI car loan from its website, some of which are:
 

  • PaisaBazaar is a user friendly portal to compare car loan deals offered by different banks.
  • It saves time & effort in choosing the option from the best car loan deals in India.
  • With easy to compare feature, it is easy to get detailed information on every available car loan option and choose one of the best car finance plans, on the basis of personal limitations & requirements.
  • It is easy to apply for a car loan online and escape the tedious process.
  • It is easy to get all the Bank of India car loan details like Bank of India car loan eligibility, Bank of India car loan documentation and the Bank of India car loan basic terms and conditions.

Steps to Calculate EMI for Bank of India car loans

PaisaBazaar offers online car loan EMI calculator to check EMI on Bank of India pre used car loan as well as BOI new Car loan. Bank of India car loan EMI or equated monthly installment for BOI can be easily calculated using PaisaBazaar’s online tool.


To use this Bank of India Car Loan EMI Tool, a user would need:
 

  • Details of exact amount of car loan to be borrowed,
  • Offered rate of interest on car loan by Bank of India, and
  • Details of car loan tenure for which you intend to borrow the money.

Step 1: Providing BOI car loan amount details
 

Using the slider, fill the details such as principal amount of the Bank of India car loan that you wish to apply for.
 

Step 2: Providing Bank of India car loan interest rate details
 

In the step 2, you need to fill the details about Bank of India car loan interest rate that is offered to you by the bank. To fill this, you can either use the slider or directly enter the figure in the box.
 

Step 3: Providing BOI car loan tenure details
 

The following part is about the loan tenure for Bank of India car loan. Using the slider or by directly mentioning the figures, state the loan tenure for which you need to borrow money. You have to mention the total number of years (in months or in years) for which you would like to take the loan.
 

Step 4: Getting the results
 

As soon as you enter the details in the 3 required columns, you would get the results for monthly EMI to be paid for Bank of India car loan in the right side of the calculator.
 

*Note: Another aspect of this Bank of India car loan EMI calculator is that you can simply change any or all the values in the three sections and view the changed EMI immediately.

Bank of India Car Loan FAQs

1. Is an NRI eligible for a Bank of India Car Loan?


A. An NRI is eligible for a Bank of India car loan but he needs to satisfy the Bank’s conditions. To avail a loan, an NRI must have an advance granted jointly with a Resident Indian who is a close relative.


2. What is the maximum loan amount that can be granted from Bank of India?


A. Maximum loan limit for car loan provided by BOI:
 

  • Individuals (Indian Resident) :

For Indian make vehicles - Rs.25 lac


For imported vehicles - Rs.75 lac
 

  • For Companies and corporate entities - Rs.100 lac (for a fleet of vehicles)
     
  • Non-resident Indians - Rs.25 lac
    ​​

3. What are the repayment tenures for Bank of India car loan available?


A. The repayment tenure for a Bank of India Car Loan:
 

  • For a new car is up to 7 years
  • For a used car is up to 3 years
  • For corporate, firms, etc. is 5 years

4. Are there any processing charges associated with BOI Car Loan?


A. Bank of India charges 1% processing charge on new car loans, which is minimum Rs.2000 and maximum Rs. 10000.


5. What are the documents required with a Bank of India car loan application?


A. The required documents for Bank of India car loan include:
 

  • Photo ID proof
  • Age proof
  • Residence proof
  • Income proof

6. Which all documents can I submit as address proof to avail a car loan provided by Bank of India?


A. You would need to submit the list of below mentioned documents as address proof while applying for the car loan provided by Bank of India including ID and proof


7. Which all documents can I submit as identity proof to avail Bank of India car loan?


A. Any of the govt. issued photo ID cards is usually accepted by Bank of India as identity proof when applying for Bank of India car loan.   


8. Which all documents can I submit as age proof when I apply for a Bank of India car loan?


A. You would need to submit the list of below mentioned documents as age proof when you apply for a Bank of India car loan School Leaving Certificate, ID Proof, PAN Card etc.


9. I need to submit income proof documents to avail BOI car loan, which documents should I include?


A. To avail BOI car loan, income proof documents depend upon the occupation or employment type of the borrower. Refer below to know which documents you would be required to submit.


Income proof documents for salaried individuals:
 

  • Income Tax Returns or Form 16
  • Salary slips for the previous 3 months
  • Bank Statement reflecting past 4 months salary credits

 

Income proof documents for self-employed individuals:

  • Balance Sheet for previous 3 years
  • Income Tax Returns with income computation for previous 3 years
  • Computation of Income for last 2 years
  • Profit & Loss Accounts for previous 3 years
  • Bank Statement for 6 months

10. Can I get BOI car loan application form online?


A. By logging on to Paisabazaar.com, you can apply for a car loan from BOI by completing a few simple steps.


11. I want to keep a track of status for Bank of India car loan online. How can I do that?


A. You can visit online banking portal of Bank of India, and easily keep a track of your loan application & also get your Bank of India car loan online statements. Under “Apply & Track Online” tab, select “Apply/Track Loans”. Choose “Star Autofin”. You can then click on “Check application status.” Enter your application number, mobile number and the captcha code. Click on submit to view your loan status.


12. I have certain queries for Bank of India car loan. How can I reach Bank of India customer care executive?


A. For any queries regarding Bank of India car loans, you can contact Bank of India customer care executives on their toll free number or via email.


13. Does Bank of India provide car loan for SUVs?


A. Bank of India offers car loan for a wide variety of car makes and models which includes SUVs.


14. I am 21 years old. Can I apply for a Bank of India car loan?


A. Yes, you can apply for BOI car loan, as the minimum age requirement to apply for a Bank of India car loan is 18 years, and you have attained that age.


15. How can I apply for a Bank of India Car Loan?


A. You can apply for a car loan from Bank of India in three ways, which are:
 

  1. By visiting the nearest Bank of India branch.
  2. By apply on the Bank of India website.
  3. By apply on PaisaBazaar.com.

16. Is there any specific type of vehicle for which Bank of India offer car loans?


A. Yes, Bank of India only finances four wheelers, which do not need heavy duty licensing.


17. Does Bank of India approve loan for financing a pre-owned vehicle?


A. Yes, you can avail car loan from Bank of India for used vehicles; however, the car must not be more than 3 years old.


18. Can bank of Indi help me in financing a car which I have already purchased?


A. Yes, Bank of India provides reimbursement for the car that is already been purchased using personal own source of finance. The borrower can return monthly car loan payments at the terms and interest rate preset for the Bank of India Car Loan Scheme.


19.  Can Hindu Undivided Families (HUFs) apply for a Bank of India Car Loan?


A. No, HUFs are not eligible for a car loan from Bank of India.


20. Does Bank of India offer any concession on car loan Interest rates?


A. Bank of India offers 0.25% concession to women on the regular interest rate. Other than this, processing fee for Bank of India car loan is waived off for the following borrowers.
 

  1. Staff Members
  2. Senior Citizens
  3. Pensioners drawing pension from Bank of India
  4. Retired Staff

21. Does Bank of India ask for security or collateral for applying for the Bank of India car loan?


A. To avail Bank of India car loan the following security is required:
 

  1. Charge of the bank should be registered with RTO.
  2. The vehicle should be hypothecated.

22. What penalties are charged by Bank of India for late payments of car loan?


A. Bank of India has not specified the fees that will be charged for late payments. You can ask this from bank representative at the time of availing car loan.


23. Can I avail Bank of India car loan even if I do not have Bank of India account?


A. Yes you can avail Bank of India car loan even if you do not maintain bank account with Bank of India.


24. What is the process to apply for a Bank of India car loan?


A. Any person, who wishes to borrow and apply for the Bank of India car loan, has to follow a three stage process. The process includes:
 

  • Car Loan Application – In the first stage, the intended borrower has to apply for car loan and submit the loan application form along with the set of required documents.
  • Car Loan Processing – In the next stage, Bank of India approves or disapproves the application for car loan and accordingly decides the loan quantum
  • Car Loan Disbursals – In the third and the last stage, the Bank of India approves loan amount, the representatives of Bank of India disburse car loans and credit the sanctioned loan amount  to the account of car dealer (in case of new car) and customer (in case of used car).
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