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Bank of India offers to finance new and used cars across various applicants, i.e. resident individuals, non-resident individuals, and companies. It includes a defined structure for interest rates based on the CIBIL score for individuals. You may get 100% financing on the ex-showroom price of the car.
Here are all the details you must know regarding Bank of India Car Loans.
BOI Star Vehicle Loan Scheme
The scheme provides a financing facility to purchase new four-wheeler vehicles as well as used four-wheelers. Residents and non-resident individuals and non-individuals can get the benefit of the facility.
|CIBIL Score Range||Interest Rate for Salaried Applicants||Interest Rate for Self-Employed Applicants|
|760 and above||RBLR + 0.60% = 7.45%||RBLR + 0.70% = 7.55%|
|725-759||RBLR + 0.85% = 7.70%||RBLR + 0.95% = 7.80%|
|675-724||RBLR + 0.90% = 7.75%||RBLR + 1.00% = 7.85%|
|Below 675||RBLR + 1.50% = 8.35%||RBLR + 1.70% = 8.55%|
|-1 and 0||RBLR + 1.00% = 7.85%||RBLR + 1.20% = 8.05%|
|For Non-Individual Applicants||RBLR + 0.85% = 7.70||RBLR + 0.85% = 7.70|
|Filled up loan application form||Filled up loan application form|
|2 Passport Size Photo||2 Passport Size Photo|
|Identity Proof – Passport/ Driving Licence/ Voter ID/ PAN||Identity Proof – Passport/ Driving License/ Voter ID/ PAN|
|Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport||Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport|
|Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit||Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile|
|New four-wheelers||0.25% of the limit; Minimum of Rs.1,000 and Maximum of Rs.5,000|
|New four-wheelers (Rural Areas)||75% of the charge applicable to individual borrowers; Minimum of Rs.1,500 and Maximum of Rs.20,000|
|Partnership Firms and Corporates||2x the charge applicable to individuals|
Our car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.
Irrespective of the customer being an individual or a non-individual, an additional 0.10% CRP will be applied to the interest rate.
Senior citizens, retired employees of the bank, and pensioners drawing pension from the bank will not be charged with car loans processing fees.
You can expect financing of up to 24 times the gross monthly income in salaried employees or pensioners. It can be two times the gross average annual income per the last three years’ IT returns. The loan can be up to two times the average annual cash accrual for the last three years’ audited balance sheet and P&L account for firms and companies.
The margin may differ based on the type of vehicle and its cost.
|Amount for New Cars||Margin (%)|
|Up to Rs.10 lakh||Nil Margin on ex-showroom price, excluding insurance, taxes, and registration charges|
|Rs.10 lakh-Rs.25 lakh||15%-25% Margin on-road price, including insurance, taxes, and registration charges|
For corporates, the margin will be a minimum of 25%.