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  • Bank of India (BOI) Two Wheeler Loan

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    Bank of India (BOI) Two Wheeler Loans:

    A group of renowned businessmen, having common objectives, founded Bank of India in 1906. Headquartered in Mumbai, Bank of India (BOI) has over thousands of branches in India, and a worthwhile presence overseas as well. Listed on the Bombay Stock Exchange (BSE), BOI provides a wide array of banking and financial services that spreads across Retail Banking, Commercial Banking, Private Banking and Asset Management. In the retail banking division, the bank offers Two Wheeler Loan, amongst a variety of other products.

    Two Wheeler Loan from Bank of India:

    Most commuters in India don't abide by traffic rules, neither do they have luxury of driving on flawless roads. Given this situation, the wisest option is to use a two wheeler for your daily commute. It is true that youngsters these days are passionate about biking as an adventure; whatever the reason may be, with BOI two wheeler loans you get financial assistance to go ahead, and realise your dream of owning a two wheeler. The bank provides two wheeler loans at affordable interest rates, and with a range of lucrative features and benefits.

    Also Read: Two Wheeler Insurance.

    Features and Benefits - BOI Vehicle Loan:

    With BOI Star Vehicle loan scheme, customers can purchase a two wheeler (or a car).

    The loan can be used to purchase new or second hand vehicles (not more than 3 years old).

    The loan can be availed by salaried employees, professionals, self-employed individuals, and Non-Resident Indians (with an advance to be granted jointly with Resident Indians who ought to be a close relative).

    The loan repayment period for a new wheeler, if availed by an individual, is a maximum of 5 years.

    The loan repayment period for a second hand vehicle is maximum of 3 years.

    Perfect Personal Loan Deals for you

    Bank of India Bike Loan Eligibility:

    The applicant needs to be a salaried individual, a professional, self-employed individual, or Non Resident India. In case of NRIs the loan is sanctioned jointly with a resident Indian (close relative) of the borrower.

    Applicants cannot be over 65 years of age at the time of availing the loan. Companies, Partnership Firms, Proprietary concern and other types of corporate entities are also eligible to avail BOI Star Vehicle loan scheme.

    Hindu Undivided Families not are eligible for this loan.

    Bank of India Two Wheeler Loan Interest Rate:

    The lending rate for two wheeler loans is Base Rate + 4%. This is 13.95% per annum at monthly rests.

    Frequently Asked Questions (FAQs)

    1. What is the processing fee for availing two wheeler loan from BOI?

      For new and second hand vehicles, it is 1% of the loan amount. Minimum of Rs.500 and maximum of Rs.10,000. The charges are double for Partnership firms/Corporates.

    2. Are the loan processing charges a one-time investment?

      Yes, the loan processing charges are a one-time expense charged by the bank.

    3. What type of customer is not eligible for BOI Star Vehicle Loan Scheme?

      Hindu Undivided Families are not eligible to avail BOI Star Vehicle Loan Scheme.

    4. Under what conditions can an NRI avail BOI Star Vehicle Loan Scheme?

      In case of NRIs the loan is given jointly with a resident Indians, who needs to be a close relative of the NRI borrower.

    5. Can BOI Star Vehicle Loan Scheme be availed only for two wheelers?

      No, you can apply for BOI Star Vehicle Loan to buy a new or second hand car, as well.

    You may also be interested in Bike Insurance.

    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.

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    Bank of India (BOI) Two Wheeler Loan Reviews

  • Page 1 of 1
    • review Two Wheeler Loan
      "Excellent Service"
      BANK OF INDIA
      0.5 4.0/5 "Great!"
      It has been a good experience i had with this loan and the process was quite simple. The loan amount which they had provided has been quite satisfactory and the interest rate has been normal when compared with the market rate. There has not been any sort of additional charges which have been made by them.
      Was this review helpful? 3
      , vadodara
      Reviewed on Oct 01, 2018
    • review Two Wheeler Loan
      "Best service"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler loan from Bank of India, the loan amount was for Rs 55000 with the rate of interest of 13% which is nominal when compared to other banks. It was a very good loan experience. Customer service was good and i received my loan amount within the given time. They did not charge any processing fees and the tenure of the loan is 3 years.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jan 09, 2018
    • review Two Wheeler Loan
      "Good serivce"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The pay the EMI amount of Rs,2463 to my two wheeler loan with the bank of India. I got the 2 wheeler loan with bank of India around 3 years ago. The customer support is good with the bank of India. The rate of interest and the charges are average with the bank of India 2 wheeler loan services.
      Was this review helpful? 5
      , mumbai
      Reviewed on Dec 28, 2017
    • review Two Wheeler Loan
      "BOI- Bank Of India is Best Of India"
      BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      The joy of 1st ride with my new two wheeler has been enlarged by Bank of India in terms of flexible & Cost less two wheeler insurance.The best part was i personally when to the branch and ask for the loan & they just didn't help me with the loan application but also helped me choosing the best two wheeler in the market.
      Was this review helpful? 14
      , nasik
      Reviewed on Nov 11, 2016
    • review Two Wheeler Loan
      "Good"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Bank of India was very fine to me when I approached them to take a two wheeler loan. They offered the loan with a very convenient interest rate of 13%. The only concern I had was it took lot of time for my loan disbursement. Finally I bought a royal enfield bike using the loan.
      Was this review helpful? 11
      , faridabad
      Reviewed on Mar 04, 2016
    • review Two Wheeler Loan
      "Easy loans!"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Documents like address proof and income proof were collected by the executives for the two wheeler loan process. The executives are very much flexible with their norms in providing the loan. It took around 2 days for Bank of India to process the loan amount.
      Was this review helpful? 7
      , coimbatore
      Reviewed on Feb 02, 2016
    • review Two Wheeler Loan
      "Good to work with Bank of India"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I was holding Bank of India two wheeler loan before 3 years. I personally went to the showroom and booked the vehicle. The loan process was pretty smooth after I spoke with the Manager and I got the loan approved. The loan was paid off completely before 4 to 5 years. The interest rate offered by them was around 9% to 11% and the EMI amount was rs 1500 and it is very less.
      Was this review helpful? 11
      , bangalore
      Reviewed on Mar 30, 2015
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