Bank of India Car Loan Interest Rate

BOI, founded in 1906, has developed tremendously and has over 5000 branches worldwide. The government-owned bank in Mumbai provides a wide range of financial products such as PPF, insurance, mutual funds, and loans.

The car loan offered by BOI is known as the 'BOI Star Vehicle Loan Scheme,' and it is a good choice in the market because of its ease of access, affordable interest rates, and flexible payback terms. Bank of India Car Loans is aimed at giving individuals financial assistance while purchasing a car.

While this loan can be used to buy both new and used cars, the BOI Star Vehicle Loan Scheme is only available when the vehicle does not require a heavy-duty license. Customers must also verify that the used car acquired with this loan is no older than three years old. A person can even acquire a loan under this program to repay an automobile that he or she has already purchased with his or her funds.

Major Characteristics of the Car Loans from the Bank of India

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.

Bank of India Car Loan Interest Rate 2022

Here are the tables for the BOI car loan interest rate 2022-

BOI Car Loan Interest Rate for the Salaried-

Credit Score

Rate of Interest

-1 and 0

7.85%

Less than 675

8.35%

675 - 724

7.75%

725 - 759

7.70%

760 and more

7.45%

Bank of India Car Loan Interest Rate for the Self-employed-

Credit Score

Rate of Interest

-1 and 0

8.05%

Less than 675

8.55%

675 - 724

7.85%

725 - 759

7.80%

760 and more

7.55%

Who is Eligible for the Bank of India Car Loan?

  • 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.

Documents Required While Applying for the Bank of India Car Loan

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

1) For Salaried Employees-

  • 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)

2) For Self-employed Persons-

  • 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)

Other Charges Associated with the Bank of India Car Loan

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:

Types of Applicants

Charges

  • New Car
  • 0.25% of the limit. The minimum is Rs. 1,000, and the maximum is Rs. 5,000.
  • New Cars (in rural areas)
  • The minimum amount is Rs. 1,500, and the maximum amount is Rs. 20,000.
  • For Firms and companies
  • It is double the charges that are applicable to individual applicants.

How to Apply for a Car Loan from the Bank of India?

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.

Looking to Invest?
Open an account with Groww and start investing for free
INVEST NOW
Loading...
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.3.6
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI