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 loans, 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.
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.
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)
- 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.
- Are the loan processing charges a one-time investment?
Yes, the loan processing charges are a one-time expense charged by the bank.
- 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.
- 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.
- 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.