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Bank of India (BOI) Star Vehicle Loan Scheme has been fulfilling the dreams of millions of Indians to own a car. The financial organisation was formed in 1906 by a group of businessmen. It was a private entity until it was nationalized in 1969 along with 13 other banks. With over a century of experience in banking, Bank of India has an array of specialized and personalized banking products governing the Indian markets.
BOI Star Vehicle Loan scheme has served millions of customers to realize their dream of owning a car. This scheme is very simple and easy. Quick processing and minimal documentation are the highlights of this plan.
Customers can avail BOI Star Vehicle Loan to purchase a new four-wheeler or a used one (age of used vehicle not to exceed 3 years). They can also apply for this loan to reimburse the cost incurred, with own funds, to purchase a new four-wheeler.
About Bank of India Car Loan Eligibility
Nature of job – Your current income level plays an important role in processing your loan. Banks want to ensure that the borrower has a regular and steady income to afford the EMIs. Salaried individuals or pensioners, businessmen, professionals, corporates and business entities can apply for a car loan with Bank of India. Even salaried or self-employed NRIs can apply for a loan by producing a guarantee of an Indian resident. However, Hindu Undivided Families (HUF) are not eligible for the loan.
Credit score – A healthy credit score ensures higher loan amount and better rate of interest. Good credit score shows the credibility of the borrower which is an important factor for the banker. Your creditworthiness assures the banker about the repayment of the loan. Hence, be updated on your latest credit score. You can improve it by repaying any outstanding loans or credit card bills. Having a repayment history that is clean and regular ensures your loan approval.
Co-applicants – It is a wise move to add co-applicants on your loan application even if the car is not purchased on their name. Any earning member of the family, like your father, mother, siblings or spouse can be added on the loan application to increase the income level. Higher the income level, more the loan amount awarded.
Pre-existing relationship with the bank – Banks offer special benefits for existing customers. If you have an existing loan relationship or a savings account with the bank and you have maintained a healthy repayment history, it gives an added advantage for any new loan you apply with them.
Bank of India has over 5000 branches in India and close to 60 branches abroad. It also has several zonal branches and joint ventures to ensure quick and smooth processing of your car loan application.
(1) What types of vehicles can be purchased with BOI Star Vehicle Loan?
BOI Star Vehicle Loan Scheme finances the purchase of new or used four-wheelers.
(2) What is the maximum loan amount I can apply for?
The loan amount eligibility is calculated as below
For salaried employees, pensioners and professionals - 24 times of the Gross Monthly Income or twice the Gross Average Annual income (as per ITR of last 3 years)
For firms/corporates - twice the Average Annual Cash Accrual (as per audited balance sheet of last 3 years)
The maximum amount offered is
Rs. 50 lakhs – for salaried individuals, pensioners and professionals
Rs. 100 lakhs – for firms/corporates
Rs. 200 lakhs – for firms/corporates to purchase a fleet of vehicles
(3) What is the current interest rate offered by Bank of India?
Interest rates are based on 1-year MCLR fixed by the bank from time to time. The latest MCLR rate of Bank of India is 8.70%. Hence, the floating interest rate on car loans is currently fixed at MCLR + 0.85% = 9.55%
(4) What is the margin on car loans?
The margin for a new car purchase is 15%. For corporates/companies, the margin is set at 25%. For the purchase of used cars, the margin is 30%.
(5) Does the car loan need any security or guarantee?
Hypothecation of the purchased car is required. The same needs to be registered with the RTO. No other guarantee is required. However, for NRIs, a guarantee by an Indian resident with sufficient means is required.
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