Bank of India is a government-owned corporation and one of the oldest and largest commercial banks in India. It was founded on 7th September, 1906 by a group of eminent Indians headed by sir Sorabji pochkhanawala. The bank was nationalized on 19th July, 1969. Today, they have over 5100 branches across the country.
It serves close to 60 million customers and has a strong presence in all major economic centers. The bank has been playing a proactive role in the economic development of the country and is committed to providing world-class banking services to its customers.
What Is Bank Of India Car Loan?
If you’re looking to finance a new or used car, Bank of India offers competitive rates on car loans. You can borrow up to 100% of the purchase price of the car, with loan terms ranging from 12 to 84 months.
Their car loans come with a number of features and benefits, including:
– No down payment required
– Flexible repayment options
– Pre-approved loans for existing customers
– Competitive interest rates
To apply for their car loan, simply visit your nearest branch or apply online. You’ll need to provide some basic information about yourself and the car you’re interested in financing. Once your application is approved, you’ll be able to get behind the wheel of your new ride in no time!
Interest Rates
When you are planning to buy a car, the interest rate is one of the most important factors that you need to consider. With a higher interest rate, your loan amount will be higher and vice versa. The interest rate for this car loan is 9.45%.
The Different Types of Car Loans
They offer four different types of car loans:
1. New Car Loan: This loan is for customers who are looking to finance the purchase of a new car. The loan amount can be up to 100% of the on-road price of the car, and the tenure can be up to 7 years.
2. Pre-Owned Car Loan: This loan is for customers who are looking to finance the purchase of a pre-owned car. The loan amount can be up to 80% of the value of the car, and the tenure can be up to 5 years.
3. Refinance Car Loan: This loan is for customers who are looking to refinance their existing car loan with BOI. The interest rate on this loan is 0.5% lower than the interest rate on the original loan, and the tenure can be up to 5 years.
4. Top-up Car Loan: This loan is for customers who have an existing Bank of India car loan and need additional funds for any purpose. The interest rate on this loan is 0.5% higher than the interest rate on the original loan, and the tenure can be up to 3 years.
Eligibility Criteria
To be eligible for a BOI car loan, you must:
-Be at least 18 years of age
-Have a regular source of income
-Be a resident of India
-Have a good credit history
Documents Required
-A completed and signed application form
-Proof of income (last 3 months’ payslips for tax return)
-Bank statements for the last 6 months
-Personal identification (e.g. passport, driver’s license)
-Vehicle registration papers (if applicable)
-Proof of address (e.g. utility bill)
How To Apply For a Bank Of India Car Loan?
If you’re looking to finance a new or used car, Bank of India offers a range of car loan options to suit your needs. Here’s how to apply for the car loan:
1. Visit the Bank of India website and select ‘Car Loans’ from the ‘Personal Banking’ menu.
2. Click on the ‘Apply Now’ button and fill in the online application form with your personal, financial and employment details.
3. Once you’ve submitted the form, a bank representative will get in touch with you to discuss your loan options and process your application further.
4. If you’re approved for a loan, you’ll need to submit supporting documents such as proof of income and identity, as well as the vehicle’s registration papers.
5. Once everything is in order, you’ll be able to sign the loan agreement and drive away in your new car!
Frequently Asked Questions
1. How much can I borrow from BOI for my car loan?
You can borrow up to 85% of the on-road price of the car, provided the car is not more than 7 years old.
2. What is the interest rate on Bank of India car loans?
The interest rate on car loans starts at 10.75%. However, your final interest rate will be determined based on your credit score, income and other eligibility criteria.
3. How long can I take to repay my Bank of India car loan?
You can choose to repay your BOI car loan over a period of 1 to 7 years.
4. What are the processing fees associated with Bank of India car loans?
The processing fees for car loans is 1% of the loan amount + GST.
5. Do I need to submit any documents in order to apply for a Bank of India car loan?
Yes, you will need to submit the following documents along with your completed application form:
Identity Proof: Any 1 of Passport / PAN card / Voter ID Card / Driving License / Aadhaar card / NREGA Job Card Income Proof Last 6 months bank statement. Processed salary slips for last 2 months, Form 16 latest.
6. Can I repay my car loan early?
Yes, you can repay your BOI car loan before the end of the tenure. No prepayment charges are applicable for floating rate loans. For fixed rate loans, you will be required to pay a prepayment charge if you make a partial prepayment within one year from date of sanction and full prepayment after one year from date of sanction.
7. How can I contact the Bank of India for more information on car loans?
You can call the Bank of India customer care number at 1800-103-1906 or visit your nearest branch.
