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.
|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.
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 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.
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).
For new vehicles:
Upto Rs.10 lacs
On Ex. show room Price. Excluding comprehensive Insurance, Taxes and Registration charges
Between Rs.10 Lacs and Rs.25 Lacs
On Road Price. Including comprehensive Insurance Taxes and Registration charges
Above Rs.25 Lacs
On Road Price. Including comprehensive Insurance Taxes and Registration charges
For Corporate entities/firms etc. : Min. 25%
For second hand vehicles:
Min. 30% .On depreciated value or value assessed by valuer or sale consideration, whichever is lower
Simply call (022) – 40919191 / 1800 220 229 for any enquiries, any day, any time.
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.
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.
Bank of India offers finance for four wheelers that do not need heavy duty licensing.
Yes, Bank of India provides loans for used vehicles. The car should not be more than 3 years old.
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.
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.
The Bank of India Car Loan is available to the following people:
NRIs can apply jointly with resident Indians, preferably a close relative.
Companies and Firms
Bank of India has not mentioned minimum income requirements. However, your loan amount will be determined based on your annual gross income.
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.
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.
There is no minimum loan quantum set by Bank of India.
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.
Bank of India does not specify any minimum time period for repayment.
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.
Type of Vehicle
Effective Interest Rate
New and Old Cars
Base Rate + 0.45% p.a.
1-year MCLR + 0.60% 8.30 + 0.60 = 8.90%
Bank of India is currently providing festive offers to its customers on interest rate, processing fee etc. till 31 March 2018. The above interest rate is subject to change. Please confirm the ongoing rate of interest before availing this loanAre there any concessions on Interest rates?
No, women applicants are presently not offered any additional concession on the regular interest rate.
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.
Yes, Bank of India offers concessions on processing charges. The fees are waived for the following borrowers.
BOI Staff Members
Retired Staff of BOI
Pensioners drawing pension from BOI
No, Bank of India doesn’t levy any processing charges for reviews.
Till 31 March 2018, the processing charges are waived for loans during the festive period.
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.
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.
The margin requirements for new cars are given below.
Upto Rs.10 lakhs
No margin required.
Rs.10 lakh to Rs.25 lakh
15% of on-road price of car (including registration charges and comprehensive insurance taxes)
Above Rs.25 lakh
25% of on-road price of car (including registration charges and comprehensive insurance taxes)
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.
Yes, for corporates and firms, the minimum margin required is 25%.
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.
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
Yes, you can use the following email IDs.
For complaints - email@example.com
For other queries - firstname.lastname@example.org
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