• Bank of India Car Loan

    Find out all about your loan eligibility criteria for Bank of Maharashtra car loan, how to increase your chances of getting approval, documentation required, and much more right here on BankBazaar. With interest rates as low as 8.95% and no guarantor required, BOM car loans will help you drive home your dream car right now without any hassles or delay.
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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 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.

    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 Sep 2021

    Bank of India Car Loan Details
    Interest Rate 9.50%
    Processing Fees Rs.500 + GST.
    Loan Tenure 7 years
    Guarantor Requirement No guarantor required for Indian residents; third-party guarantee needed for NRI borrowers

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


    Bank of India Car Loan Overview

    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.

    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 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.

    Perfect Car Loan Deals for you

    Features of Bank 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 guide you through the entire process.
    • Transparency: Bank of India believes in transparency. All rates, charges and fees are upfront. You can be sure that you will not be surprised with any hidden charges.
    • Quantum of Loan:Individuals who are residents of India are eligible for a loan amount up to Rs.50 lakh for vehicles manufactured in India, and Rs.100 lakh for imported vehicles. On the other hand, businesses and corporate entities including fleet service providers are entitled to a maximum loan amount of Rs.200 lakh. Non-resident Indians (NRIs) can withdraw a loan for a maximum of Rs.50 lakh.
    • Loan Eligibility: In terms of income, a person can withdraw a maximum loan amount under BOI Star Vehicle Loan Scheme subject to 24 times the gross monthly income of salaried employees and pensions. Individuals who are neither salaried nor pensioners are eligible for a loan amount up to twice the average of their gross annual income for the past 3 years as per the IT Returns. Corporate firms and businesses can get a loan for a maximum of twice their average cash accrual for the previous 3 years according to the company balance sheet, profit and loss statement etc.
    • Maximum Loan Offered to Salaried Employees: While Bank of India has a comprehensive vehicle loan scheme, the maximum loan and interest rates offered to a salaried applicant also is dependant on the net take-home pay (NTHP) of the person. When the gross take-home salary per month of a person is less than Rs.1 lakh, he or she is eligible for a loan up to 40% of the NTHP. When the gross monthly income is between Rs.1 lakh and Rs.5 lakh, the maximum loan offered by BOI is 30% of the NTHP. Furthermore, if a person’s gross earnings is more than Rs.5 lakh every month, he or she can apply for a loan for a maximum of 25% of the NTHP. The applicants who are not salaried employees can avail a loan subject to a Debt-Service Coverage Ratio (DSCR) of 1.5 or above.
    • Flexible Loan Tenure: When you avail a car loan from Bank of India, you can choose to opt for loan repayment tenure that suits your situation and repayment capability. With a flexible loan tenure up to 7 years, customers can now get the funds you need in order to purchase the car that you have always dreamed of. On the other hand, the term of loan repayment for businesses and firms is subject to a maximum of 5 years
    • Loan Security: While purchasing a car using the funds from BOI Star Vehicle Loan Scheme, the customer has to provide hypothecation of the vehicle purchased as security. On the other hand, in case of an NRI applicant, a third-party guarantee of an Indian resident has to provided as collateral. The vehicle purchased using this loan should also be registered with the Regional Transport Office (RTO).
    • Loan Margin for New and Used Cars: When you purchase a car below Rs.10 lakh, you can avail the benefit of zero margin, i.e. you can get a loan up to 100% of the cost of the car including the registration charges, taxes, insurance etc. On the other hand, you will have to pay a margin amount if the price of the car is more than Rs.10 lakh. In case a vehicle worth Rs.10 lakh to Rs.25 lakh is purchased, the customer will have to pay 15% of the total cost of the car as loan margin. If the price of the car is above Rs.25 lakh, the applicable loan margin becomes 25% of the on-road price of the vehicle. The minimum loan margin for corporate firms and businesses is 25% of the total price tag of the car. In case of a used car, the margin becomes 30% or above on the depreciated value of the car as assessed by a recognised entity.
    • One-Time Processing Fee: While all individuals purchasing a new car have to pay a processing fee of Rs.500, corporates firms and businesses will have to pay twice the fee applicable to individuals. If a person avails this loan through a branch in the rural area, he or she will have to pay 75% of the handling charges applicable to the individual borrower with a minimum payable amount of Rs.500. In case of a second-hand car, the applicable handling fee is 1% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.10,000. Senior citizens, BOI staff members & retired employees, and individuals withdrawing pension through Bank of India are exempt of any processing charges. The bank is also currently proving an offer of zero processing till 31 March 2018.
    • 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.

    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 8.90%. 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.

    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. 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.

    2. 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.

    3. 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.

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

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

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

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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Bank of India Car Loan Reviews

    • Bank of India
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Bank Of India .The car model was 2018 and the name is Mahindra XUV and this loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal .This was a joint loan with my father.
      Was this review helpful? 92
      , indore
      Reviewed on Mar 04, 2020
    • Bank of India
      Bank of India
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from BANK OF INDIA. The loan amount was Rs. 6L and i have made a down payment of Rs. 6L. Monthly i am paying EMI 11,000 i have purchased ( HONDA PRV). My friend is working in this bank, so i given all the documents directly to the bank and within 2-3 days i received the loan. Customer service was good.
      Was this review helpful? 2
      , kolkata
      Reviewed on Feb 21, 2020
    • Bank of India
      "Need overall improvement"
      0.5 2.0/5 "Expected more"
      Bank of India car loan interest was 10.4% but it supposed to be floating, I am not clear with that. As a customer I feel its very difficult to reach the customer care and they wont give proper solution for the queries. I availed Rs. 6 lakhs to buy I20 Hyundai, now Rs.2.50 is pending, total duration is for 7 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 15, 2019
    • Bank of India
      "Good in all"
      0.5 4.0/5 "Great!"
      I have taken a car loan from Bank of India. The customer support is good. There are good offer on the interest rate and processing charges. It is normal. The process to get the loan was also good. I got it on time. The after loan services is satisfactory too.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 08, 2019
    • Bank of India
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with Bank of India. The loan amount which they have given me was sufficient, based on my requirement they have given me ,the rate of interest they have given me was nominal,They have charged me processing fee or not i have no idea,still this loan is running, in this bank net banking system not given.
      Was this review helpful? 1
      , new delhi
      Reviewed on Feb 04, 2019
    • Bank of India
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Bank of India, the loan amount they have given me was sufficient, they have charged nominal rate of interest and even processing fee is also nominal, so far there service is have experience was good, they have not taken any hidden charges ,there overall service is good.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Dec 12, 2018
    • Bank of India
      "You can go with them for some loans"
      0.5 4.0/5 "Great!"
      I am running a car loan with Bank of India. They took 3 to 4 months time to process the application. The rate of interest and charges are normal. I have not did any down payment. I have purchased a Maruti Swift car. There is an option for part payment and pre closure.
      Was this review helpful? 3
      , secunderabad
      Reviewed on Nov 30, 2018
    • Bank of India
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with Bank of India, the loan amount was for Rs 3.5 lakhs with rate of interest of 9.5% which is nominal rate. It was a new car and my loan was approved based on the on-road price. There are no charges on foreclosure and the tenure period for this loan is 7 years.
      Was this review helpful? 3
      , indore
      Reviewed on May 16, 2018
    • Bank of India
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with Bank of India was very good, the loan amount was for Rs 4.70 lakhs with the rate of interest of 11.9% which is nominal rate of interest. Customer service was very good and there was no delay in their service. The tenure of the loan is 5 years and it was overall a good service from BOI.
      Was this review helpful? 6
      , kolkata
      Reviewed on Jan 09, 2018
    • Bank of India
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was very good with bank of India. They have disbursed the loan amount within 2 days of time. The customer support was very prompt in their service, they came to my place to collect the required documents . The rate of interest is nominal with bank of India car loan.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 17, 2017
    • Bank of India
      "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
      "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? 1
      , patna
      Reviewed on Oct 04, 2017
    • Bank of India
      "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? 3
      , bangalore
      Reviewed on Sep 24, 2017
    • Bank of India
      "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? 3
      , ahmedabad
      Reviewed on Aug 14, 2017
    • Bank of India
      "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
      "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? 4
      , thane
      Reviewed on Apr 19, 2017
    • Bank of India
      "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? 1
      , ludhiana
      Reviewed on Nov 29, 2016
    • Bank of India
      "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? 6
      , gurgaon
      Reviewed on Sep 20, 2016
    • Bank of India
      "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? 2
      , kolkata
      Reviewed on Jun 27, 2016
    • Bank of India
      "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? 2
      , chennai
      Reviewed on May 27, 2016
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