Bank of India Car Loan Interest Rate

Here is a list of elements that are associated with the Bank of India car loan-

• Individuals living in India are eligible for loans of up to Rs.50 lakh for vehicles manufactured in India and Rs.100 lakh for foreign vehicles. Businesses and corporate entities, including fleet service providers, on the other hand, are eligible for a maximum loan sum of Rs.200 lakh. Non-resident Indians (NRIs) can withdraw up to Rs.50 lakh in loans.
• The Bank of India believes in openness. All pricing, charges, and fees are disclosed beforehand. You could stay assured that you will not be shocked by any hidden fees.
• When you apply for a Bank of India Car loan, you won't have to deal with any complicated paperwork. All you'll need is documentation to meet KYC requirements and paperwork for the car you want. You would be guided through the full procedure by the designated representatives.
• When you apply for a car loan from the Bank of India, you can select a loan payback term that is appropriate for your situation and repayment capacity. Customers can now receive the cash they need to buy the car they've always wanted with a flexible loan term of up to 7 years.

Here are the tables for the BOI car loan interest rate 2024-

• When applying for a car loan, salaried individuals must be at least 21 years old. The maximum age allowed by the time the loan term is set to end is 60 years. Self-employed individuals must be at least 18 years old at the time of application and no older than sixty-five years of age during the period of loan maturity.
• While paid employees must have one year of continuous employment, self-employed individuals must stay in the same line of the business for at least a period of three years.

There are essential documents required while applying for a car loan from the Bank of India, and they are-

• Applicant form (duly filled)
• Passport size photos
• ID Proof (passport, license, Voter ID, or PAN)
• Address Proof (License, rental agreement, utility bills, or passport)
• Income documents (2 months payslip, two years form 16, 6 months bank statement, EMI debit)

• Application form (duly filled)
• Passport size photos
• ID Proof (driver's license, voter ID, PAN, Passport)
• Address proof (license, rental agreement, utility bill, passport)
• Business proof (VAT, tax registration, business address, P/L statement, partnership deed, or business profile)

There is a processing fee that is charged with the Bank of India car loan Interest rates for the applicants, and the processing fees are as follows:

Here is the step-by-step guide to follow when applying for a car loan from the Bank of India online:

Step 1: Go to the official website of the bank.

Step 2: Locate the loan section and navigate to it.

Step 3: In the loans, section choose a car loan and apply for it.

Step 4: Once you have entered the details and submitted the application successfully, your part of applying will be done.

Step 5: The bank will get back to your application and contact you on the same.