Bank of India’s two-wheeler loans can be used for the purchase of both new and second-hand bikes as well as for super bikes. The interest rates are attractive and the documentation process is simplified.
Bank of India Two-Wheeler Loan Interest Rate
|Interest Rate||7.35% to 8.55%|
|Maximum Loan Amount||Up to Rs.50 lakh|
|Minimum Loan Amount||At the discretion of the bank|
|Income||At the discretion of the bank|
|Repayment Period||Up to 5 years|
|Processing Fee||1% of loan amount; Rs.500 minimum and Rs.10,000 maximum|
Compare with: Lowest two wheeler loan interest rate
How to Apply for Bank of India Bike Loan?
To apply for a Bank of India bike loan, all you have to do is either visit your nearest branch or call the customer care number.
You can also submit your two wheeler loan application and get quick approvals on BankBazaar.com . You can compare loans and choose the one that is the best fit for your budget and requirements.
Bank of India Two-Wheeler Loan EMI Calculator
When you know exactly how much your Equated Monthly Instalment (EMI) will be on your Bank of India two-wheeler loan, you will be able to plan your finances better and ensure that you are able to make regular payments without any stress.
To know what your EMI will be, all you have to do is visit the official website of Bank of India and navigate to the Calculator page. This is a free online calculator that will display your EMI instantly. All you have to do is enter the correct figures, using the slider, for your loan amount, rate of interest, and repayment tenure. Your EMI is shown instantly.
Find the two wheeler loan emi calculator here.
Bank of India Two-Wheeler Loan Eligibility
The following are eligible for a Bank of India two-wheeler loan:
- Salaried employees
- Non-Resident Indians
- Partnership Firms
- Proprietary Concerns
- Corporate entities.
Features and Benefits
The features and benefits of the Bank of India two-wheeler loan are given below:
- A wide range of individuals and firms are eligible
- Term loan for new vehicles and demand loan for second-hand vehicles
- Non-resident Indians can also avail the loan
- For new vehicles of up to Rs.10 lakh, the margin required is nil on the ex-showroom price
FAQs on Bank of India Two Wheeler Loan
- Am I allowed to pre-pay my outstanding amount of loan in full?
- Will NBFCs and banks check my credit score before they approve my loan application?
- Am I allowed to apply for another loan, if I already have a two-wheeler loan with the bank?
- What documents are required to apply for a two-wheeler loan?
Yes, you can do this, but keep in mind that this can be done after you make regular payment of EMIs for the first 6 months within getting the loan. This payment will be accepted in the form of DD/cheque.
A few banks and NBFCs may check your credit score before they approve your loan application.
Yes, you can always get another loan from the bank.
You need to submit address proof, identity proof, income proof, residence proof, and your bank statement.