Bank of India is an Indian state-owned commercial bank with headquarters in Mumbai, Maharashtra, India. Government-owned since nationalisation in 1969, Bank of India has more than 5,000 branches, including 60 branches outside India, and a number of ATMs far and wide across the country. It facilitates provision of cost-effective financial processing and communication services. To know more, follow some simple steps given below to get attractive deals.
Founded in 1906, BOI has grown immensely and is present around the world today, with over 5000 branches. The government-owned bank is headquartered in Mumbai and offers a wide variety of financial products like PPF, insurance, mutual funds and loans among others.
The car loan that BOI offers is called ‘BOI Star Vehicle Loan Scheme’ and is one of the best car loans in the market as it offers ease of access, competitive interest rates and flexible repayment tenure.Bank of India Car Loans is targeted towards providing financial aid to individuals at the time of their car purchase. While this loan can be availed to purchase both new and second-hand cars, the BOI Star Vehicle Loan Scheme is applicable only when the car doesn’t require a heavy-duty license. Additionally, customers have to ensure that the used car purchased using this loan should not be more than 3 years old. Under this scheme, a person can also get loan to reimburse for the car that he or she has already purchased using personal resources.
Customers have chosen BOI for all their financial needs for decades because of the consistent excellent service that they receive. The newest technology and features keep up with the customers’ expectations. BOI car loan is sought after because of the low interest rate, flexible repayment tenure and special schemes during festival seasons. Further, the loan is easy to acquire, has a trouble-free procedure and available for a wide range of prospective customers- salaried and non-salaried groups.
One of the key reasons for Bank of India’s continued growth in the market is the competitive interest rates that the loans are offered at.
Bank of India’s interest rate system is based on the base Marginal Cost of Funds-Based Lending Rate (MCLR) system. The current interest rate for old and new vehicle is calculated as: 1 Year MCLR + 0.60% presently 8.90%, effective from 10 January 2018. Therefore, the ongoing interest rate for BOI Star Vehicle Loan Scheme is 6.85%. The Bank of India offers car loan at a floating rate of interest.
These rates are subject to change attributed to the fact that the bank is presently providing a festive offer to its customers till 31 March 2018. Before you forward your application, make sure you contact your Bank of India concerned branch or customer care team to learn about the customer service for the latest interest rates.
It is a good idea to figure out the EMI before you sign your name on the cheque so you will have an idea of what exactly you are getting into. It also helps in choosing the best terms. It is easy to calculate the EMI using the car loan EMI calculator under the Finance Tools section in Bankbazaar.com.
First you should have at hand the following details: the loan amount, Rate of interest, proposed tenure and processing fee (if any).
Bank of India offers finance for four wheelers that do not need heavy duty licensing.
For individuals, the maximum age at the time of availing the loan should not exceed 65 years.
Credit scores are important when applying for a loan. Bank of India has the authority to enquire about your CIBIL score. Banks usually prefer scores of 750 and above. Some banks keep 550 as their cut off.
No, HUFs are not eligible for a car loan from BOI.
There is no minimum loan quantum set by Bank of India.
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