Bank Of India Car Loans

Find details of bank of india car loan through Bank Of India EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. Bank Of India EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Also see :   Car Loan Emi Calculator
Bank Of India
Bank Of India

New Car Loan Rates

Tenure5 Years
Down Payment0.3
Processing FeeRs. 500/- Plus S.T.
Interest Rate7.45%
Document Charges
Bank Of India avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by Bank Of India. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks

Loan Eligibility Calculator

Bank of India Car Loan eligibility, Interest Rate, documents and process

Security Salaried employees, Professionals, Self-employed Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative) (Age of the individual borrower not to exceed 65 years at the time of availing the advance) Companies, Partnership Firms, Proprietary concern and other types of Corporate entities. HUFs not Eligible Quantum of Loan Maximum limits for finance :
  1. Individuals (Resident in India) :
    1. For Indian make vehicles - Rs.25 lacs
    2. For imported vehicles - Rs.75 lacs.
  1. For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)
  2. Non-resident Indians - Rs.25 lacs. The limits are subject to :
    1. 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
    2. Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.
Net take home pay should be at least 40% of income (net of proposed EMI). Repayment (New Vehicles) For Individuals - for new vehicles 4 wheelers - Max. 7 years. For Corporates/Firms, etc. - Max. 5 years. Security
  1. Hypothecation of vehicle to be purchased out of Bank finance.
  2. Charge to be registered with RTO.
  3. Third party guarantee required in the following cases
    1. Loans to NRIs – Guarantee of Resident Indian is required.
Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.