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Luxury turned necessity a car has become one of the most needed assets of our lives. Therefore, Bank of India car loan named ‘BOI Star Vehicle Loan Scheme’ allows Salaried individuals or professionals or self-employed individuals etc to purchase this much required commodity for the convenience of making every journey memorable.
Bank of India Car Loan Quick Approval
Bank of India Car Loan Highlights
|Interest Rates||8.60% – 9.00%|
|Processing Fees||0.25% of limit, minimum Rs.1000/- and Max.Rs.5,000|
|Eligibility||· Salaried Employee
· Self-Employed Non-Resident Indians(loan granted if he/she has a joint account with any Resident Indians).
· The maximum age of the applicant must not exceed 65 years of age at the time of availing the loan amount.
· Partnership Firms
|Nature of Facility||Demand Loan/Term Loan(for 2nd hand vehicles only Demand Loan.|
|Income Criteria||Salaried Employees/Pensioners
· The minimum Net take Home Salary must be up to 40% up to a loan amount of Rs 1 lac.
· For an amount of Rs 1 lac to up to rs 5 lacs then a the Net Take Home Salary must be up to 30%.
· Above Rs 5 lacs than the Net Take Home Salary is 25%.
|Maximum Loan Amount||The maximum loan amount for different categories are listed as under :
· Individuals(Resident Indians) : Rs 50 lacs for Indian make vehicles, Rs 1 crore for corporate and companies entities.
· Non-Resident Indians : Rs 50 lacs
|Margin||· Up to Rs 10 lacs : No margin
· Above Rs 10 lacs up to Rs 25 lacs : 15% margin of on-road price.
· Above 25 lacs : 25% margin of on-road price of the vehicle.
|Security||· The bank shall claim the vehicle as security until and unless the loan installment is accomplished.
· Charge to be registered with the RTO
· The applicant mst obtain a third party guarantee in case of loan the NRIs.
|Documents Required||· Identity Proof
· Address Proof
· Signature Proof
· Income Proof (Latest Salary Slip)
· Bank Statement
· Audited Balance sheet/ITR of 2 years for self-employed individuals like businessman/sole proprietary etc.
· Passport size photograph
· Application Form.
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