Bank of India Car Loan
Last Updated : March 21, 2017, 10:15 a.m.
About Bank of India Car Loan
It was the joint effort of few influential businessmen that led to the birth of Bank of India (BOI) in 1906. The bank was under private control for more than 60 years before the Government of India nationalizing BOI in 1969. The bank has expanded its reach across the country with over 4,000 branches across the country. A plethora of products awaits you at BOI, such as a customized car loan offer. The car loan is offered to both salaried and self-employed. Both new and used cars can be bought on a car loan from BOI.
Bank of India Car Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rate | 6.85% onwards |
| Loan Amount | Maximum Loan Amount : ₹ 50,00,000 for Resident Indian(individuals) & ₹ 100,000 for corporates for Resident Indian; ₹ 50,00,000 for Non-Resident Indians |
| Tenure | Upto 7 Years for New Cars & upto 3 years for pre-owned cars |
| Processing Fee | NIL |
| Prepayment Charges | New Cars: ₹ 500 per application irrespective of the limit Pre-owned cars: 1% of loan amount minimum ₹500/- and Max ₹10,000/ |
Bank of India Car Loan EMI Calculator
All set to apply for a car loan at Bank of India? Do look at its car loan EMI calculator before doing so. The calculator will give you an idea of the repayment which you need to do until the expiry of the loan tenure. With just an entry of loan amount, tenure and the interest rate, the proposed EMI arrives. In addition to the EMI, you also get to know the interest and overall payment using the calculator. It’s worth having a try.
So, if you seek a 5-year car loan of, say 8 lakhs, and want to figure out the applicable EMI, it would be ₹16,743. On the other hand, you would be made to pay a total interest of ₹2,04,754 and the overall sum of ₹10,04,754, respectively.
Eligibility Criteria
- Salaried must be a minimum age of 21 years while applying for a car loan. By the time loan tenure is about to expire, the maximum age permitted is 60 years. Self-employed, on the other hand, must be a minimum of 18 years at the time of application and a maximum of 65 years at loan maturity.
- While salaried must have a 1-year of continuous employment, self-employed should stay for atleast 3 years in the same line of business.
Documentation
For Salaried
Identity Proof-PAN Card/Voter ID/Aadhaar Card/Passport
Residence Proof-Aadhaar Card/Passport/Voter ID/Utility Bill
Age Proof-PAN Card/Voter ID/Aadhaar Card/Educational Certificates
Signature Verification Proof-PAN Card/Passport/Driving License
Income Proof-Salary Slips of Last 3-6 Months, Form 16 for Last 2 Years, 6-month Bank Statement
Pro-forma Invoice or Rate List
Car Valuation Report In Case of Used Cars
Duly Signed Loan Agreement Copy with RTO Set
Processing Fee Cheque
Post-dated Cheques, ECS Mandate Form Duly Signed
Photographs
For Self-employed
Identity Proof-PAN Card/Voter ID/Aadhaar Card/Passport
Residence Proof-Aadhaar Card/Passport/Voter ID/Utility Bill
Business Establishment Proof-Any of the Indirect Tax Registration Copy, Utility Bills of Shops
Age Proof-PAN Card/Voter ID/Aadhaar Card/Educational Certificates
Signature Verification Proof-PAN Card/Passport/Driving License
Income Proof-ITR, Profit & Loss Account Statement and Audited Balance Sheet for the Last 2-3 Years
Pro-forma Invoice or Rate List
Car Valuation Report In Case of Used Cars
Duly Signed Loan Agreement Copy with RTO Set
Processing Fee Cheque
Post-dated Cheques, ECS Mandate Form Duly Signed
Photographs
Features
- Wide Availability
- Easy Processing
- Simple Documentation
- Attractive Interest Rates