Bank of India Car Loan

Bank of India Car Loan Eligibility Criteria

Check the Bank of India Car Loan eligibility criteria to know if you qualify for a hassle-free loan approval:

• Eligible Applicants: Salaried individuals, professionals, self-employed persons. Non-Resident Indians (jointly with a resident close relative). Companies, Partnership Firms, Proprietary concerns, and other corporates.
  • Salaried individuals, professionals, self-employed persons.
  • Non-Resident Indians (jointly with a resident close relative).
  • Companies, Partnership Firms, Proprietary concerns, and other corporates.
• Age Criteria: Minimum: 18 yearsMaximum: 65 years at loan maturity
  • Minimum: 18 years
  • Maximum: 65 years at loan maturity

Bank of India Car Loan Documents Required

Applicants need to submit the following documents:

1. Identity Proof – Aadhaar card, PAN card, Passport, or Voter ID
2. Address Proof – Utility bills, Aadhaar, Passport, or Rent Agreement
3. Income Proof – Latest salary slips, Form 16, IT returns, or audited financials for self-employed
4. Bank Statements – Last 6 months’ bank statements
5. Car Documents – Quotation/proforma invoice for new cars; RC book and valuation report for used cars
6. Photographs – Recent passport-sized photos

How to Apply for Bank of India Car Loan

Applying for a BOI Car Loan is simple:

• Online Application: Visit the Bank of India official website or trusted portals like BankBazaar.
• Choose Loan Type: Select new or used car loan.
• Fill Application Form: Provide personal, financial, and vehicle details.
• Upload Documents: Submit KYC and income proof documents online/offline.
• Verification & Approval: Bank verifies details and approves loan.
• Disbursement: Loan amount is released directly to the car dealer or seller.

Calculate Your Car Loan EMI

Before applying, use the Bank of India Car Loan EMI Calculator to estimate your monthly outflow. Just enter:

1. Loan amount
2. Interest rate
3. Loan tenure

With a single click, you get the EMI amount and amortization schedule, helping you plan your finances better.

Why Choose Bank of India Car Loan?

1. Attractive Interest Rates: Starting from 8.75% p.a., BOI offers competitive rates tailored to your credit profile.
2. Minimal Documentation: Only basic KYC and car-related documents are required.
3. Flexible Repayment Tenure: Repay your loan in easy EMIs with a tenure of up to 7 years (5 years for businesses/firms).
4. Seasonal Offers: Special festival schemes for extra savings.
5. No Hidden Charges: Transparent fees and charges with one-time processing.
6. Convenient Process: Hassle-free application and quick approval.

Bank of India Car Loan Features

1. Loan Security: Vehicle hypothecation is mandatory. For NRIs, a close relative residing in India must act as guarantor.
2. Processing Fees: New Car: 0.25% of loan amount (₹1,000 – ₹5,000) Used Car: 1% of loan amount (₹500 – ₹10,000)
   1. New Car: 0.25% of loan amount (₹1,000 – ₹5,000)
   2. Used Car: 1% of loan amount (₹500 – ₹10,000)
3. Transparency: All fees and charges are declared upfront.
4. Technology Support: Online EMI calculator to estimate your repayment in advance.

Why Choose Bank of India Car Loan?

1. Attractive Interest Rates: Starting from 8.75% p.a., BOI offers competitive rates tailored to your credit profile.
2. Minimal Documentation: Only basic KYC and car-related documents are required.
3. Flexible Repayment Tenure: Repay your loan in easy EMIs with a tenure of up to 7 years (5 years for businesses/firms).
4. Seasonal Offers: Special festival schemes for extra savings.
5. No Hidden Charges: Transparent fees and charges with one-time processing.
6. Convenient Process: Hassle-free application and quick approval.

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