Recent Search and Popular Product
Business Loan
Personal Loan
Home Loan
Education Loan
Car Loan
Credit Card
Loan Against Security
Loan Against Property
Explore Your Options
Bank of India New Car Loan
Bank of India offers a car loan program called BOI Star Vehicle Loan Scheme, which is an excellent choice for buyers in the market. This program offers easy access to financing, affordable interest rates, and flexible repayment terms.Powered By
Bank of India New Car Loan
Apply Now
Here are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 685+ |
| Loan Amount & Tenure | For
Individual Borrower-Maximum Limit is 50 lac, For Others: Lac to No Limit (12 month to 84 month) |
| Loan to Value(LTV) | Upto 90% of on Road Price |
| Type of Funded Vehicle | New Car |
| Rate of Interest & Type | 8.85% to 9.95% (Fixed) |
| Processing Fees | Nil |
| TAT | Sanction-2
Days Disbursement-3 Days |
| Foreclosure Charges | Nil |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 18 to 65 Year |
| Applicant Minimum Income | 1. Salaried having monthly net Salary>25K 2. Self Employed Person having ITR>3 Lac |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 1 Year |
| Whether Co-Applicant Mandatory | No |
| Part Payment Allowed | Yes |
| Product | 1.
Salaried- 48 Time of gross monthly Salary 2. Self Employed-4 time of average annual income of last 2 year |
| Negative Profile | No Negative Profile |
| USP | 1. Funding to NRI as well 2. Funding to Pensioner also |
Required Documents to Apply for Bank Of India New Car Loan
Salaried Person
-
KYC of applicant
-
Last 3 Month Salary Slip
-
Last 12 month Bank Statement of applicant
-
Last 3 year ITR with computation of income of applicant or Last 2 Year Form 16 of applicant
-
26AS of last 2 year of applicant
-
Quotation of Car
-
Latest Utility Bill of co-borrower if Owned premises else rent agreement if rentedSanction letter of all running loan
-
Latest utility Bill if owned residence or rent agreement if rented
Self Employed
-
KYC of applicant & Co-Applicant
-
KYC of Co-BorrowerLast 3 year ITR with computation of income of applicant & co-applicant
-
Last 3 year audited balance sheet of applicant
-
Last 3 year Tax audit report of applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
Copy of Last 12 month GST return if applicable
-
Quotation of Car
-
Sanction letter of all running loan
-
Latest utility Bill of residence if owned or rent agreement if rented
-
Latest utility Bill of Office if owned or rent agreement if rented
-
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
About Bank Of India New Car Loan
In the past, owning a car was considered an indicator of status as well as an aspiration rather than a reality. Nowadays, however, it is more of a necessity because it offers a reliable mode of transportation for one's family. Because of the expensive cost of living, many people whose jobs or incomes are insufficient to purchase a car entirely must wait for their money to increase in order to fulfil their ambitions of owning a car, whether it's a used or new one.
Are you ready to submit an application for a car loan with the Bank of India? Don't wait any longer! Apply now and take advantage of the loan term and EMI options.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
Yes, Businessmen, as well as salaried individuals, can apply for a Bank of India Car Loan
The Repayment Tenure of the Bank of India Car Loan is upto 84 months.
No, the applicant doesn’t need any third-party guarantee to get a Bank of India Car Loan.
No, there aren't any Prepayment penalties on the Bank of India Car Loan
Yes, NRIs or PIOs can apply for a Bank of India Car Loan
Copyright 2025 © upniva.com
