If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Bank of India (BOI) Car Loan Eligibility Calculator

    We found 1 Bank of India (BOI) Car Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
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    Loan Amount
    Tenure Range
    9.35% Fixed
    0
    50L - 1Cr
    7 Years
    Response Time Within 30 minutes
    Documents
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    Think about
    Eligibility Criteria

    Bank of India (BOI) Car Loan Eligibility Calculator is Rated as "Blown Away!" by 16 Users

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    Bank of India Car Loan Overview

    Bank of India (BOI) offers loans for customers to purchase four wheelers and two wheelers. The car loan is known as the BOI Star Vehicle Loan Scheme. You can avail of a loan for the following purposes.

    • Purchase of new car - The vehicle should not require a heavy duty license.
    • Purchase of used car - The age of the vehicle should not exceed 3 years.
    • Refinancing loan - You can refinance the cost of your four-wheeler purchased from other sources. The vehicle should not be more than 3 months old.

    With a car loan from Bank of India, you have a choice for both Indian made vehicles as well as imported cars. The loan is available to citizens and NRIs and corporates or firms. Repay the loan in tenures up to 7 years for individuals and 5 years for firms.

    Bank of India Car Loan Eligibility

    You can be eligible for a Bank of India Car Loan if you meet the requirements set by the bank. The following is the eligibility criteria for a car loan from Bank of India.

    • Salaried individuals.
    • Self-employed and professionals.
    • Non-Resident Indians - Should be close to a resident Indian, preferably a close relative. The advance will be granted jointly with the relative.
    • The maximum age should not be more than 65 years at the time of receiving the loan.
    • Companies, Proprietorship, Partnership and corporate entities.
    • HUFs are not eligible.

    Factors affecting your Bank of India Car Loan Eligibility

    There are many things that could factor into your eligibility for a BOI Star Vehicle Loan. Some of the points that might play a major role are listed below.

    Income - Your income will determine how much of a loan you are eligible for. At BOI, you can get up to 24 times your gross monthly salary or pension or you can avail of up to twice the gross annual income. For firms, you can get up to two times the average cash accrual as per the last three years audited balance sheet, and profit and loss account.

    Age - To avail of a car loan, you need to be at least 21 years old usually. For the BOI car loan, the maximum age you should be when you avail of the advance is 65 years.

    Debt-to-income ratio - If you have current debt, it will factor into the loan amount you are eligible for. Banks generally allow 40-60% of your salary to constitute EMI repayments. This is to ensure that you can handle your finances and not be submerged in debt. Any other loan or credit card debt can increase your debt-to-income ratio.

    CIBIL score - In today’s world, CIBIL scores play a pivotal role. Banks take a look at your score when you apply for a loan. A low score will deter them from giving you a loan. A good score, on the other hand, will prove you’re a reliable customer.

    How do CIBIL scores affect your BOI Star Vehicle Loan Scheme Eligibility?

    CIBIL scores record your credit history. CIBIL stands for Credit Information Bureau India Limited. It notes every individual’s behaviour and patterns when they take loans from banks and financial institutions. CIBIL maintains a record of your repayments of the loan and your defaults on payments, if any. It also records good patterns of paying ahead of time or duly on time. Paying only the minimum due on your credit card could also affect your score negatively. Therefore, CIBIL scores depict a picture of what kind of customer you tend to be.

    Take time to learn about CIBIL scores and how they work. Sometimes you may find your score is low when you have done nothing wrong. Enquire about your score and try to fix it as soon as possible. High scores assures banks you are a good customer, and your loan process will be easy with better terms and conditions. An average score will secure your loan. A low score will have a negative effect and may even cause a rejection. A good CIBIL score would average around 750 points.

    How to increase your BOI Star Vehicle Loan Scheme Eligibility

    There are ways to increase your eligibility for a BOI Star Vehicle Loan. Don’t be discouraged if at first you are not eligible for a loan or for the amount your seek. Use the following steps to try to increase your eligibility.

    • If your income does not meet the requirements, you can make your spouse or immediate relative a co-borrower. Their income can be added to the total earning capacity and this will increase the loan quantum you can get.
    • Buy your credit score on the CIBIL website and find out what went wrong. Take measures to rectify it.
    • A larger down payment will increase your eligibility as well as improve your loan terms and conditions.
    • Pay off current debts to reduce your debt-to-income ratio. This will significantly increase your loan amount.

    Bank of India Car Loan Eligibility Calculator

    Check your eligibility for a Bank of India Car Loan by using eligibility calculators available online. Find out if you qualify for a loan before you apply for one. Bank of India Car Loan Eligibility calculator can help you determine your eligibility with simple details from you. You need to provide details like your age, income, city, car make and model, the loan amount you think your will need and the tenure you want to repay the loan. Eligibility calculators help make your loan process easier. You don’t have to apply for many loans before you find your ideal loan. Check if you qualify ahead of time will help you determine how much income you need to show, how much finance you can procure and the tenure you can get.

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  • Car Loan Reviews

    • Bank of India Car Loan
      "Its Excellent and Good Experience"
      0.5 5.0/5 "Blown Away!"
      Bank of India not even taken three days to process my car loan, they sanctioned the amount immediately and delivered the dd to the dealer. I had taken a loan amount of Rs.5 lakhs with rate of interest of 9.5% and there was no processing fee and also there was no part payment or pre closure charges too.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 19, 2017
    • Bank of India Car Loan
      "Super fast process & lesser ROI"
      0.5 5.0/5 "Blown Away!"
      This is my first experience with Bank of India and I got the approval for my car loan within 24 hours from them. The process was swift and the documentation was also on the normal side. The best is I got a lesser rate of interest when compared to other banks. The charges was also nominal for me.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 29, 2016
    • Bank of India Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I would to give more than 5 stars for BOI car loan as I did not encounter any issues with them as such. They were quick enough to resolve any issue which was raised to them. Their rate of interest is slightly higher than other banks.This car loan was taken from the branch directly and they took around 10 days of time to disburse he funds.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Sep 20, 2016
    • Bank of India Car Loan
      "Car loan services"
      0.5 4.0/5 "Great!"
      Bank of India is following a wonderful process when it regards to the car loan application which is submited.The process was very fast and there is no difficulties at all.The customer support offered was really good but still some improvement can be done which is for the betterment.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 27, 2016
    • Bank of India Car Loan
      "User Friendly Nationalized Bank "
      0.5 5.0/5 "Blown Away!"
      I approached the Bank of India for the car loan and got 85% of the loan amount. For the new car they have offered 10% interest rate with 0% processing fee which was under the scheme before two years. They do have the part payment and pre closure charges.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2016
    • Bank of India Car Loan
      "Excellent experience and approachable"
      0.5 5.0/5 "Blown Away!"
      I had taken a new car loan with Bank of India. I had actually applied through a normal walk in. They offered me an interest rate of 10.5% with a processing fee of around Rs.1000+. They do not have foreclosure charges. The process is very smooth as long as you have all the documents required in place. They handed over the keys once the loan was processed in about two weeks.
      Was this review helpful? 2
      , pune
      Reviewed on Apr 21, 2016
    • Bank of India Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      BOI has taken a hardly a day's time . Interest rate offered by them was 9.59%. They have offered the loan for the maximum tenure which is 7 years. I am a marketing person and they are attaching importance for my salary. Morning 9.30 am I have applied they have verified my documents and on the same day they conducted verification and the very next day morning they were giving the DD around 11 AM
      Was this review helpful? 2
      , ernakulam
      Reviewed on Nov 26, 2015
    • Bank of India Car Loan
      "Easy approval!"
      0.5 5.0/5 "Blown Away!"
      Once I reached the branch for a new car loan, they responded me promptly. Even they sanctioned up to 90% of the vehicleâ??s on road price. Interest rate offered for the loan amount was 10.21%, which is a bit high with them. Further on the loan amount was processed within 2 days.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2015
    • Bank of India Car Loan
      "Needs improvement in the process "
      0.5 2.0/5 "Expected more"
      I took the car loan from Bank of India with 11% interest but the processing fee was high . Within five days the loan was disbursed. I went to the bank directly for the loan the response was average. My suggestion they have to be go some more with the process.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 04, 2015
    • Bank of India Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I took a car loan from Bank of India as the bank is available in the village.They disbursed the loan within 15 days. Interest rate charged was 10% as we farmer and processing fee was 1500 with the less documentation .
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 01, 2015
    • Bank of India Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      I was a basically a co applicant for BOI car loan the primary applicant was my mother. I am holding a salary account with the same bank. There is no issue or hassle with them . I normally pay by standing order. Interest rate offered by them was on the higher side and processing fee was nominal.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jun 23, 2015
    • Bank of India Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from Bank of India. The service from the bank was too good. The response I got was very prompt and the whole process of the loan was really fast. I got my loan through within 24 hours. The rate of interest was low than the other banks and I was not charged a processing fee.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 17, 2015
    • Bank of India Car Loan
      "Everything is fine"
      0.5 4.0/5 "Great!"
      We got the car loan with bank of India by the month of January with rate of interest as 10%.We have some priority because my father has pension account with same bank.The negative side is delay in customer service and asking us to wait for long time.If they improve their customer service means that will be awesome.
      Was this review helpful? 1
      , noida
      Reviewed on May 05, 2015
    • Bank of India Car Loan
      "Fully Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      I Availed a car loan from bank of India it was excellent experience they approved my loan in 4 working days the process was very fast. Interest rate was 10.40% it was quite less when compare top other banks, In fact it was hassle fee I did not any difficulty in getting the car loan.
      Was this review helpful? 4
      , new delhi
      Reviewed on Oct 24, 2014
    • Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Customer service and response was quit good from bank of india . When I applied for car loan it was quite easy to apply. I got this car loan under offer for me since working with central university of rajasthan . I got 10.40% may be higher for other people. Documentation part was done manually that too little bit difficulty
      Was this review helpful? 1
      , ajmer
      Reviewed on Oct 11, 2014
    • Bank of India Car Loan
      "Online to be improve"
      0.5 5.0/5 "Blown Away!"
      Documentation was quite good with Bank of India for my car loan. Within a day they disbursed my loan. Repayment process was very easy with them. Partial payment was allowed. I have got 10.75% as interest rate. Overall I am very satisfied
      Was this review helpful? 3
      , jharsuguda
      Reviewed on Sep 10, 2014
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