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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  • Car Loan Reviews

    • Bank of India Car Loan
      "Excellent Service"
      0.5 3.5/5 "Pretty good"
      The car loan process with bank of India was good and smooth. They have disbursed my loan within 3 to 4 working days. The required loan amount has been given, the part payments option is available and the there is no foreclosure charges. The processing fee was nominal .The rate of interest is nominal with bank of India.. I am satisfied with bank of India the car loan service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 14, 2017
    • Bank of India Car Loan
      "Need Transparency in the process"
      0.5 3.0/5 "Satisfactory"
      I met the branch manager and asked for the car loan with bank of India and they told they can offer the loan with 9.25 % interest rate, while submitting the documents they told based on their bank norms,they cannot proceed with the loan for the commercial vehicles. The rate of interest is low but it cannot doable at present. They need to improve on their customer service , because if the customer is asking for the commercial loan, the bank need to give the proper response to the customers at the beginning stage itself.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • 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? 5
      , 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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    Bank of India (BOI) Car Loan Interest Rates is Rated as "Excellent!" by 18 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Bank of India (BOI) Car Loan Interest Rates

    Overview of the Bank of India Car Loan

    Established in 1906 at a time when most banks within India were not owned by Indians, Bank of India is headquartered in Mumbai, Maharashtra and was initially aimed at serving people from varied backgrounds and communities within the country. The Bank of India currently has over 4000 branches across the country and over 50 offices abroad. These branches also include representative offices, subsidiaries and also a joint venture. Since 1969, the Bank of India has been government-owned due to nationalization.


    Apply for Car Loan Online

    For all those drooling over their next set of wheels, but unable to afford the hefty sums, fret not, Bank of India offers loans that are suited to everyone's needs and requirements along with being immensely convenient. With easy to procure loans at competitive rates, Bank of India is a one stop shop for availing car loans.

    Bank of India Car Loan Interest Rates 2017

    Car Loan Interest rates vary with each bank and is dependent on a number of factors. Banks and financial institutions offer competitive interest rates so as to coerce prospective applicants into availing a loan from them. Loan tenures are another main concern for applicants. Bank of India offers a loan tenure of up to seven years for the purchase of four wheelers. However if the four wheeler is being purchased by a corporate or a firm then a maximum loan repayment tenure of five years is applicable. Bank of India offers loans for all types of cars be it hatchbacks or S.U.Vs or any other kind. The current rate of interest applicable is Base Rate +0.45%.

    Bank of India Car Loan Interest Rates Table

    Base Rate 9.35%
    Rate of Interest 9.35%
    Processing Fee Rs. 500
    Loan Tenure A maximum of 7 years
    Margin A maximum of 25%
    Maximum limit for finance A maximum of Rs.200 lakhs depending on whether the make and model is Indian or foreign and if the borrower is an individual or a corporate entity

    How to calculate the interest rate on the Bank of India Car Loan

    Customers who have borrowed loans from Bank of India in order to purchase a vehicle can repay the same via Equated Monthly Installments or EMIs. EMI includes both the principal amount along with the interest amount. There is an increase in the principal amount and a reduction in the amount of interest to be paid as the loan tenure progresses.

    The formula for calculating the EMI on a car loan is -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Where E is the Monthly EMI, P is the principal amount, r is the rate of interest per month, n is the number of years.

    For an amount of Rs. 1,00,000 at an interest rate of 10.40% with a loan tenure of 1 year, the total amount that would be paid will be about Rs. 1,04,814 with interest amount coming up to Rs. 4814.

    For example, the following will be the amortization table for a car loan of Rs. 8,00,000 for a period of 3 years at an interest rate of 10.40% from Bank of India.

    Year Total amount to be paid Balance amount Principal amount Interest amount
    2015 Rs. 77223 Rs. 736032 Rs. 63968 Rs. 13256
    2016 Rs. 308894 Rs. 492284 Rs. 243748 Rs. 65146
    2017 Rs. 308894 Rs. 221942 Rs. 270342 Rs. 38552
    2018 Rs. 231670 Nil Rs. 221942 Rs. 9728

    The quantum of principal amount that is paid is directly proportional to the loan repayment period whereas the interest rate is inversely proportional to the loan tenure.

    Factors affecting Bank of India Car Loan Interest Rates

    There are numerous factors that have an impact on the interest rates for a Bank of India car loan. These in turn help determine the loan amount that is offered to the prospective applicant, along with the amount that is decided as the EMI to be paid. Some of these factors are given below.

    • Amount of down payment - The amount paid as down payment is a significant factor in determining the loan amount and interest rates. Higher the amount paid, lower will be the amount to be given by the bank or financial institution. Hence customers who pay higher down payments are perceived to be less risky by the bank and therefore stand a greater chance of availing loans at better interest rates.
    • Income - Annual income of the applicant is seen as important by banks and financial institutions. Most of these institutions have a minimum annual income that is necessary for customers to have in order to avail a car loan and this minimum amount varies based on whether the customer is salaried or self employed among other factors.
    • CIBIL Score - CIBIL scores are highly significant and applicants with higher scores have a greater chance of availing loans at good interest rates. Those with scores above 750 are seen to have a greater chance of repaying the loans on time and hence can procure loans more easily.
    • Tenure - Loan tenures for car loans vary with each bank and financial institution. The amount of interest and EMI varies with the tenure. The longer the tenure, higher will be the interest rate to be paid therefore most choose a shorter tenure so as to reduce the overall interest amount that is to be paid.
    • A relationship with the bank is also significant. Bank of India has various offers and benefits for customers who have a previous working relationship with the bank.

    How CIBIL scores affect Bank of India Car Loan Interest rates

    The CIBIL TransUnion Score is generated by the Credit Information Bureau India Limited or CIBIL which, provides and maintains a person’s credit related information that is related to his/her loan payments. This 3 digit number is seen as a very important criterion by banks and financial institutions before determining the eligibility of a person to avail loans. This score varies from 300 to 900 and the higher the scores, higher are the chances of availing loans. Apart from this, banks and institutions prefer lending to those they see as low financial risk and have a greater chance of repaying the loan with the designated interest rate.

    FAQ’s about Bank of India Car Loan Interest Rates

    • What is the requirement in terms of security for the loan?

      The requirements are as follows -

      ~Hypothecation of the vehicle for which loan is being availed

      ~The charge is to be registered with RTO

      ~In case the applicant is an NRI then the guarantee of an Indian resident is required.

    • What are the types of advances available?

      The types of advances available are demand loans or term loans.

    • What is the maximum limit on the amount of finance provided by Bank of India?

      The maximum limit differs based on the type of vehicle -

      ~ for cars of Indian origin, the limit is Rs 50 lakhs

      ~ for cars that are imported, the limit is Rs. 100 lakhs

      ~ for corporates and companies the limit is Rs. 200 lakhs and this also includes a fleet of vehicles

      ~ for NRIs, the limit is Rs. 50 lakhs

    • What is the loan margin applicable to Bank of India for new cars?

      Bank of India offers the following loan margin

      Amount Margin in terms of percentage
      A maximum of Rs. 10 lakhs No margin - on ex. showroom prices and this excludes tax and registration charges and comprehensive insurance
      Between Rs. 10 lakhs to Rs. 25 lakhs 15% margin on road price and this includes tax and registration charges and comprehensive insurance
      More than Rs. 25 lakhs 25% margin on road price and this includes taxes and registration charges and comprehensive insurance.
    • What terms are the maximum loan limit subject to?

      The maximum limit is subject to the following -

      ~24 times the gross monthly payment in the case of salaried employees/ pension or twice the gross average annual income as given in the I.T returns of the previous 3 years

      ~Twice the average annual cash accrual as per company's or firm’s audited balance sheet, P&L A/c of the firm/company.

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