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Bank of India Car Loan

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Bank of India Car Loans

A car is a symbol of ease and growth in our lives, for many it has become a necessity and for many of those in that category would not be able to get a loan from their own savings but from the car loans provided by banks like Bank of India.

What is Bank of India Car Loan?

Bank of India is one of the major banks that provides credit products like cars loans. On discovery that the borrower can pay back Bank of India through equated monthly instalments or EMI(s). Bank of India believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

Bank of India Car Loan Eligibility

AgeAge of borrower should not increase the age of 65
Employment statusSalaried: Must have continuous employment of at least 1 years
Self-employed: Minimum 2 years of employment in the same line of business
Tenure7 years
Loan amountFor Indian make vehicles - Rs.50 lakhs
For Companies and corporate entities - Rs.100 lakhs
MarginUp to Rs.10 lakhs – no margin
Above Rs.10 Lakhs to Rs.25 Lakhs – 15%
Above Rs.25 lakhs – 25%
Interest rate9.10%
Processing feeRs.500/- per application, irrespective of limit

Bank of India Pre-Owned Car Loans

Bank of India also provides loans for used or pre-owned cars for 70% of the car price.

Documents required for Bank of India Car Loan

The documents required to get a loan from Bank of India is as follows:

Salaried Individuals:

  • Photo ID and age proof
  • Copies of last six months bank statements
  • Proof of residence
  • Salaried employees would need to provide last three months' salary slips and form 16 returns
  • Self Employed individuals would need to provide last 3 years income tax returns

How to apply for a car loan with Bank of India

TheBank of India car loan approval & verification process is simple and much quicker for existing Bank of India customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

You can also apply for a car loan through CreditMantri, it is a simple process through which you will also get the benefit of creating your credit profile and get the right loan for you.

Bank of India Car Loan Eligibility Check

Bank of India Car Loan Eligibility Check

You can check your eligibility by knowing where you stand with respect to credit on CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Bank of India Car Loan EMI calculator.

Customers can use CreditMantri’ s Car Loan EMI Calculator which is best suited for them. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Bank of India Car Loan – FAQ

1. Does Bank of India provide 100% finance for car loans?

Bank of India’s new car loan amount varies based on the loan amount borrowed, where you can get up to 100% to a minimum of 75%. For used cars it is 70%

2. What is the maximum tenure for Bank of India car loan?

New cars get a maximum of seven years for new car loans from Bank of India

3. What type of cars do Bank of India provide car loans for?

Car loans which are eligible are:

passenger cars

multi-utility vehicles

sports-utility vehicles

All of the above are eligible if they are bought for personal use.

4. Do I have to provide any security to avail an Bank of India car loan?

Bank of India car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Bank of India?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Bank of India. The NOC can only be obtained after foreclosure or after you have paid off your loan

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