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.
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.
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.
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.
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.
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.
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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