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 Car Loan

    We found 1 Bank of India Car Loan

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

    Bank of India Car Loan is Rated as "Blown Away!" by 16 Users

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    Promised Interest Rate

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    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 4545 branches, including 54 branches outside India, and about ATMs. It facilitates provision of cost-effective financial processing and communication services. To know more, follow some simple steps given below to get attractive deals.

    You’re probably eligible for an Bank of India Car Loan if you are

    Bank of India Car Loan Minimum Age

    At least 21 years old

    Bank of India Car Loan Maximum Age

    Less than 65 years old

    Bank of India Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank of India Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your Bank of India Car Loan amount eligibility is based on these factors

    Bank of India Car Loan Minimum Salary

    Salaried with Regular Income

    Bank of India Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Bank of India Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Bank of India Car Loan amount by these steps

    Bank of India Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank of India Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years

    Documentation needed to apply for an Bank of India Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. 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

    Bank of India Car Loan Interest RatesUpdated on 28 Apr 2017

    Bank of India Car Loan Details
    Interest Rate 9.35%
    Processing Fees Nil
    Loan Tenure 1 year to 7 years
    Guarantor Requirement Guarantor required

    Overview About Bank of India Car Loan

    Founded in 1906, BOI has grown immensely and is present around the world today, with over 4545 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 in terms of accessibility, competitive interest rates and flexible repayment tenure.

    Why choose Bank of India Car Loan?

    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 sort after because of the low interest rates, flexible repayment tenure and special schemes at 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.

    Perfect Car Loan Deals for you

    Features ofBank of India Car Loan

    • Minimal Documentation: No need to worry about complicated documentation when you apply for a Bank of India Car loan. All you will need are documents to meet the KYC guidelines and paperwork related to the car you want. The designated representatives will hand-hold you through the entire process.
    • Transparency: Bank of India believes in transparency. All rates, charges and fees are known upfront. You can be sure that you will not be surprised with any hidden charges.
    • Quantum of Loan:

    Maximum limits for finance: For individuals who are residents of India: Indian make vehicles will get a maximum of Rs.50 lacs and imported vehicles will get a maximum of Rs.100 lacs.

    Companies and corporate entities are entitled to a maximum of Rs.200 lacs (Can be a fleet of vehicles as well).

    Maximum limits for finance for Non-resident Indians, the maximum is Rs.50 lacs.

    The limits are subject to:

    24 times of 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

    Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.

    • Competitive Interest Rates:

    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 Bazaar is a one-stop solution for all your financial needs including car loans. When you apply for a car loan through Bankbazaar, you can easily compare the pros and cons of various loan offers from different banks. Further, the Bankbazaar representatives will handhold you through the entire process, helping you make the best choice based on your requirements. Further, you will be eligible for the best rates and schemes thanks to BankBazaar’s association with various banks.

    Bank of India’s interest rate system is based on the base rate linked system.

    For a new four wheeler vehicle the repayment period is up to 7 years. The interest rate is calculated as: Base Rate + 0.45% presently 10.15 % ,p.a at monthly rests.

    For a second hand vehicle the maximum repayment period is up to 3 years. The interest rate is calculated as: Base Rate + 1.25% presently 11.20% p.a. at monthly rests.

    Before you forward your application, make sure you contact the customer service for the latest interest rates.

    1. Bank of India’s car loan is available for a wide range of applicants. This includes
      • Salaried employees, professionals and self-employed.
      • Non-Resident Indians are also eligible but must have an advance granted jointly with a Resident Indian who is a close relative.
      • Companies, Proprietary concern, Partnership Firms and other types of corporate entities are eligible.
      • HUFs are not eligible
    2. The individual borrower must not be more than 65 years of age while availing the advance.
    3. Further details of eligibility will be provided by the bank at the time of application.

    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).

    1. Go to Slider 1 to choose the Loan amount. Go to slider 2 to choose the tenure.
    2. In the following fields enter the interest rate and processing fee.
    3. Click on the “Calculate” button to get a detailed result which includes the EMI amount and Amortisation table. You can use these key details to make your decisions.
    1. What is the Processing / Handling Charges that BOI charges?
      • For Loan to Individuals: (for new four wheeler loan): Irrespective of limit, Rs.500/- per application
      • For New Two Wheeler Loan and Second hand vehicle (both two/four wheelers): 1% of the loan amount, Minimum Rs.500/- and Maximum Rs.10,000/-
      • For Partnership firms/Corporates the processing charges will be double that of individuals.
      • For Rural Branches the processing charges will be 75% of the charge that loan to individuals will be applicable to. There will be a minimum charge of Rs.500/- for loans taken in rural branches.
      • For senior citizens, BOI staff members and retired employees of the BOI as well as pensioners drawing pension from BOI, the processing fee is waived off.
      • No processing charges at the time of review (same terms)
    2. What is the margin for individuals and corporate entities?

      For new vehicles:

      • For individuals (including NRIs):


      Margin %

      Upto Rs.10 lacs

      NIL Margin

      On Ex. show room Price. Excluding comprehensive Insurance, Taxes and Registration charges

      Between Rs.10 Lacs and Rs.25 Lacs

      15% Margin

      On Road Price. Including comprehensive Insurance Taxes and Registration charges

      Above Rs.25 Lacs

      25% Margin

      On Road Price. Including comprehensive Insurance Taxes and Registration charges

      For Corporate entities/firms etc. : Min. 25%

    3. For second hand vehicles:

      Min. 30% .On depreciated value or value assessed by valuer or sale consideration, whichever is lower

    4. How do I contact BOI for any enquiries?

      Simply call (022) – 40919191 / 1800 220 229 for any enquiries, any day, any time.

    5. Where can I get a Car Loan Application form?
      • You can get a car loan application online on the Bank of India website. The form is also available when you choose to apply online.

      • You can also get the form from a Bank of India branch.

    6. How do I apply for a Bank of India Car Loan?

      To apply for a car loan from Bank of India, you can use either of these options:

      • Visit the nearest Bank of India branch.

      • Apply on the Bank of India website.

    7. For what kind of vehicles does Bank of India provide car loans?

      Bank of India offers finance for four wheelers that do not need heavy duty licensing.

    8. Can I avail of a loan to finance a pre-ownedvehicle?

      Yes, Bank of India provides loans for used vehicles. The car should not be more than 3 years old.

    9. Can I finance a car that I have already purchased?

      Yes, Bank of India will provide a reimbursement for the car you purchased using your own source of finance. You can then pay back the reimbursement in instalments at the terms and interest rate of the Bank of India Car Loan Scheme.

    10. Can I check the status of my BOI loan application online?

      Yes, you can track the status of your loan on the Bank of India website. Under “Apply & Track Online”, 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.

    11. What is the eligibility criteria for a BOI car loan?

      The Bank of India Car Loan is available to the following people:

      • Salaried employees

      • Professionals

      • Self-employed

      • Proprietors

      • NRIs can apply jointly with resident Indians, preferably a close relative.

      • Companies and Firms

      • Partnerships

      • Corporate entities

    12. What are the income requirements for Bank of India Car Loan?

      Bank of India has not mentioned minimum income requirements. However, your loan amount will be determined based on your annual gross income.

    13. What is the age requirement for a four wheeler loan?

      For individuals, the maximum age at the time of availing the loan should not exceed 65 years.

    14. What are the Credit score requirements?

      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.

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

      No, HUFs are not eligible for a car loan from BOI.

    16. What is the maximum loan amount I can get with a Bank of India Car Loan?

      The maximum loan quantums set by Bank of India are given below:

      • Indian-make cars - Rs. 50 lakhs

      • Imported cars - Rs. 100 lakhs

      • NRIs - Rs. 50 lakhs

      • Corporates - Rs. 200 lakhs can be sanctioned to buy cars or a fleet of cars.

    17. What is the minimum loan amount I can get from Bank of India?

      There is no minimum loan quantum set by Bank of India.

    18. How is the loan quantum determined?

      The loan amount you are eligible for depends on your income.

      • For salaried individuals and pensioners, you can get upto 25 times the gross monthly income or twice the gross annual income as shown in the last 3 years IT returns.

      • For companies and firms, twice the average cash accrual per year as per the last 3 years audited P&L account and Balance Sheet.

    19. What is the minimum car loan tenure on a BOI four wheeler vehicle loan?

      Bank of India does not specify any minimum time period for repayment.

    20. What is the maximum loan tenure for a BOI four wheeler vehicle loan?
      • For individuals, the maximum repayment tenure is 7 years or 84 months for new vehicles. For pre-owned cars, the maximum repayment tenure is 3 years.

      • For corporates, the maximum repayment tenure is 5 years.

    21. What is the interest rate on Bank of India Car Loan?

      Type of Vehicle

      Base Rate

      Effective Interest Rate

      New Cars


      Base Rate + 0.45% p.a.

      Used Cars


      Base Rate + 1.25% p.a.

    22. Are there any concessions on Interest rates?

      Yes, women can get 0.25% concession on the regular interest rate.

    23. Are there any processing fees on Bank of India Car Loans?

      The processing charges levied by Bank of India are as follows.

      • For Individuals purchasing new cars - Rs. 500 + service tax

      • For Corporates and Firms - The processing fees are double to Rs. 1,000 + service tax.

      • For Rural Branches - 75% of the individual processing charges will be applicable + service tax. The loan should be availed of by people from rural areas or branches.

    24. Are there any concessions in processing fees offered by Bank of India?

      Yes, Bank of India offers concessions on processing charges. The fees are waived for the following borrowers.

      • Senior Citizens

      • Staff Members

      • Retired Staff

      • Pensioners drawing pension from BOI

    25. Are there processing charges for reviews on the car loan?

      No, Bank of India doesn’t levy any processing charges for reviews.

    26. Are there any offers or discounts on Bank of India Car Loans?

      For the period of 11.09.2015 to 31.03.2016, processing charges are waived for the festive period.

    27. What security or collateral is required by Bank of India?

      In regular cases for Indian residents, firms and companies, the following security is required:

      • The vehicle should be hypothecated.

      • Charge of the bank should be registered with RTO.

    28. Does Bank of India require third party guarantees?

      Bank of India requires a third party guarantor only in the following cases

      • For Non-residential Indians, a guarantee from a resident Indian is required.

      • For vehicles that are not registered with the RTO.

      • For loans above Rs. 25 lakhs given to individuals.

    29. What are the margin requirements for new vehicles?

      The margin requirements for new cars are given below.

      Loan Quantum


      Up to Rs. 10 lakhs

      No margin required.

      Above Rs. 10 lakhs

      15% on road price of car (including registration charges and comprehensive insurance taxes)

      Above Rs. 25 lakhs

      25% on road price of car (including registration charges and comprehensive insurance taxes)

    30. What are the margin requirements for used cars?

      For second-hand cars, the margin requirements are set at a minimum of 30%. The margin will be determined by the depreciated value or the value assessed by a valuer or the sale consideration.

    31. Are the margin requirements different for corporates?

      Yes, for corporates and firms, the minimum margin required is 25%.

    32. What are the penalties for late payments?

      Bank of India has not specified the fees that will be charged. This should be communicated to you at the time of loan application. Usually banks charge a nominal fee or increase the interest rate.

    33. How do I contact the Bank of India Customer Care for car loan queries?

      You can call the following number toll free to contact the Bank of India customer service anytime 24x7 on all days of the week.

      (022) – 40919191

      1800 220 229

    34. Can I contact the customer care service through email?

      Yes, you can use the following email IDs.

      For complaints - [email protected]

      For other queries - [email protected]

    News About Bank of India Car Loan

    • Bank of India Reduces Base Interest Rate

      Bank of India has reduced its base rate by 25 base points to stand at 9.95 percent. After Reserve Bank of India reviewed its monetary policy on April 7, Bank of India is the second in line to reduce its base rates after State Bank of India. Reserve Bank of India changed the rate cycle in the month of January this year and that is when the policy rates witnessed a cut by 25 bps. This was followed by another rate reduction in March. The repo rate is currently 7.50%. Bank of India’s decision will probably influence banks like PNB, Canara bank and a few others to bring down the base lending rates.

      12th May 2015


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