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Bank of India Car Loan, Interest Rate and EMI Calculator May 2019

(Updated on 07.05.2019) Bank of India Car Loan and EMI Calculator May 2019 – Loansninsurances.com provides a simple tool to calculate Car Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee.

Bank Of India Car Loan – Quick, Easy & Instant Approval Online

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Bank of India Car Loan

Bank of India offers car loans at attractive interest rates and at longer loan tenure to the Indian citizens. Bank of India Car Loan is the widely preferred car loan among customers for its easy documentation and quick loan processing. Bank of India car loans are the best car loans in India and can be availed by different segments of the population such as Salaried employees, Professionals, Self-employed, Salaried employees, Professionals, Self-employed and Non-Resident Indians, companies, Partnership Firms, etc. HUFs are not eligible for this loan. Bank of India Car loan can be availed for two-wheelers and four wheelers and also for purchase of used and second hand 2-wheelers and 4-wheelers (the age the vehicle should not exceed 3 years).

Bank of India Car Loan Features

Bank of India Car Loan which is commonly known as ‘BOI Star Vehicle Loan Scheme’ comes with a bouquet of features, Viz.

  • Car Loan can be availed for both new car and old car.

  • Longer car loan tenure for both new car and old car.

  • Customized car loan for all borrowers.

  • Competitive rates of Interest.

  • Minimum documentation and quick loan disbursal.

  • Maximum finance up to 100 lakhs.

  • No margin for a loan amount of 10 lakhs.

Other Available Products from Bank Of India Given Below

  1. Bank Of India Home Loan
  2. Bank Of India Personal Loan

Bank of India Car Loan Interest Rates

Interest rates

9.35% (for 2 & 4 wheelers)

Processing Fees

Rs. 500/- plus S.T. for new 4-wheelers

1% of the loan amount, minimum Rs. 500 and a maximum Rs. 10,000 plus S.T.

Loan Amount

Maximum Rs. 100 lakhs

Loan Tenure

5 years to 7 years for New vehicles & 3 years for old vehicles.

Bank of India Car Loan EMI Calculator

Bank Of India Car Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Car loan EMI within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

UCO bank car loan lowest monthly EMI is ₹4,880 for a loan amount of ₹3,00,000 at an interest rate of 9.15%p.a. for a loan tenure of 7 years.

Home Loan Amount (Rs.)

Interest Rate(% p.a)

Loan Tenure (years)

Monthly Instalment (EMI)

Total Interest Amount

Total Amount (Principal + Interest)

3,00,000

9.35%

1

26,284

15,410

3,15,410

3,00,000

9.35%

2

13,754

30,088

3,30,088

3,00,000

9.35%

3

9,589

45,199

3,45,199

3,00,000

9.35%

4

7,515

60,743

3,60,743

3,00,000

9.35%

5

6,279

76,715

3,76,715

3,00,000

9.35%

6

5,460

93,114

3,93,114

3,00,000

9.35%

7

4,880

1,09,935

4,09,935

Bank of India Car Loan Eligibility

  • Salaried employees, Professionals, Self-employed, Salaried employees, Professionals, Self-employed Non-Resident Indians. Non-Resident Indians should apply jointly with Resident Indians (close relative) to avail BOI car loan.

  • Age of the individual borrower should not exceed 65 years at the time of availing the advance.

  • Companies, Partnership Firms, Proprietary concern and other types of Corporate entities are also eligible for BOI car loan.

  • HUFs are not eligible for BOI car loan.

  • Hypothecation of vehicle to be purchased out of Bank finance.

  • Third party guarantee required for Loans to NRIs – Guarantee of Resident Indian is required.

Bank of India Car Loan Documents Required

  • Age proof.

  • ID proof.

  • Application form.

  • Photograph.

  • Residence proof.

  • Income proof.

  • Bank statement.

  • Signature verification proof.

  • Pro-forma Invoice or Rate List.

Bank of India Car Loan Quantum

For Individuals (Resident Indians):

  • For Indian make vehicles – Rs.50 lacs

  • For Companies and corporate entities – Rs.100 lacs.

For Companies and corporate entities:

  • Rs.200 lacs (to buy a fleet of vehicles)

For Non-resident Indians:

  • Maximum Rs. 50 lacs can be availed by an individual.

Limits on BOI Car Loan Amount

  • 24 times of gross monthly Income for salaried employees/pensioners or two times of gross average annual income as per last 3 years I.T. Returns.

  • Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.

Bank of India Car Loan Margin (Borrower’s Contribution)

Amount

Margin (%)

Up to Rs. 10 lakhs

Nill margin. (On Ex. show room Price excluding comprehensive Insurance, Taxes and Registration charges)

Above Rs. 10 Lacs to Rs. 25 lacs

15% margin (On Road Price including comprehensive Insurance Taxes and Registration charges)

Above Rs. 10 Lacs to Rs. 25 lacs

25% margin (On Road Price including comprehensive Insurance Taxes and Registration charges

For Corporate entities/firms, etc: Minimum 25%

For second hand vehicles: Minimum 30% (on depreciated value or value assessed by Valuer or sale consideration whichever is lower)

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