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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    We found 1 Bank of India Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.25% Floating
    ₹500 + S.T.
    50L - 1Cr
    7 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Bank of India Car Loan is Rated as "Excellent!" by 21 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Bank of India Car Loan

    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

    01
    02
    03
    04
    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

    01
    02
    03
    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

    01
    02
    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 24 Oct 2017

    Bank of India Car Loan Details
    Interest Rate 9.25%
    Processing Fees Rs.500 + GST.
    Loan Tenure 7 years
    Guarantor Requirement No Guarantor required

    The above mentioned interest rates are subject to change as per the revised GST rates.


    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.

    Apply for Car Loan Online

    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):

      Amount

      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

      9.70%

      Base Rate + 0.45% p.a.

      Used Cars

      9.70%

      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 + GST

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

      • For Rural Branches - 75% of the individual processing charges will be applicable + GST. 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

      Margin

      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 - ho.customerservice@bankofindia.co.in

      For other queries - ho.cebb@bankofindia.co.in

    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

    Bank of India Car Loan Reviews

    • Bank of India Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      It was a very convenient process to get the car loan from Bank of India. The customer services are good and there are no hassles. They were on time for the paper work. I got the loan as needed. I am also comfortable with the rate of interest and processing charges.
      Was this review helpful? 0
      , udaipur
      Reviewed on Oct 15, 2017
    • Bank of India Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got a car loan experience with bank of India. This loan has the tenure of 3 years. I have got the required loan amount. The customer service is good with bank of India. The rate of interest is nominal with Bank of India,. I am satisfied with bank of bank of India car loan service.
      Was this review helpful? 0
      , patna
      Reviewed on Oct 04, 2017
    • Bank of India Car Loan
      "Good experience"
      0.5 2.0/5 "Expected more"
      I have taken 2 car loans with BANK OF INIDIA years back and now I have recently taken one more car loan for 5.50lacs.Their customer service and responses was not satisfactory. They have to work on their net banking system which was very worst. Their rate of interest was 8.3% and there is no charge for the pre closure .Here the part payment option is very good .
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 24, 2017
    • 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
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