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||7.75% to 8.35%|
|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
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
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.
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.
1. Are Hindu Undivided Families (HUF) eligible to apply for this loan?
No, HUFs are not eligible for this loan.
2. For a two-wheeler bike that is second hand, what is the maximum years the bike should have?
To be eligible for the Bank of India bike loan, the two-wheeler bike should not have exceeded 3 years of use.
3. Is there a special repayment tenure for second-hand vehicles?
For second-hand vehicles, the maximum repayment tenure will be 3 years.
4. Is there any security that is required?
Yes, the security that is required is hypothecation of the bike until the loan is repaid in full.
5. Is third-party guarantee required?
Third-party guarantee is required only in the case of Non-Resident Indians where the guarantee of a Resident Indian is mandatorily taken.