Bank of India Car Loan Rate, Eligibility Calculator, Apply Online

Bank of India Car Loan Offer Apr 2017

Last Updated 24th Apr 2017
Features and Eligibility Bank of India New Car Loan Scheme Bank of India Used Car Loan Scheme
Interest Rates 9.35% Floating Check Special Offer 9.35% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 70.00% of market value
Maximum Loan Tenure (years) 7 years 3 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,627 Rs. 3,196
Processing Fee 1.00% Min Rs. 500 1.00% Min Rs. 500 Max Rs. 10000
Prepayment Charges Nil Nil
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 18 years and 65 years Between 21 years and 65 years
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Eligibility Condition for Bank of India Car Loan

Bank of India New Car Loan Scheme Bank of India Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
--Salaried 0.0 0.0
--Self employed professionals 0.0 0.0
--Self employed businessmen 0.0 0.0
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Bank of India Car Loan

How much interest is charged by Bank of India on car loan?

Bank of India offers an interest of 9.35% on car loan.

What is the lowest EMI per lakh on Bank of India car loan?

If you apply for a car loan from Bank of India, your lowest EMI per lakh will be Rs. 1,627.

What is the maximum tenure of Bank of India car loan?

You can repay your car loan from Bank of India in a flexible period of maximum 7 years.

How much car loan I can borrow from Bank of India?

Bank of India offers you 85.00% of of on-road price of car as loan.

How much processing fee is charged by Bank of India on car loan?

Bank of India charge a processing fee of 1.00% with applicable service tax.

Is age an eligibility factor to get car loan from Bank of India?

Yes, age is an important eligibility factor to get Bank of India car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Bank of India car loan?

You can take car loan from Bank of India with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from Bank of India?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Bank of India Car Loan Calculator News - Apr 2017
09th Jan 17 Bank of India reduces car loan rate by 70 basis points
Bank of India has reduced its car loan interest rate to 9.35 percent for new car buyers as compared to 10.05 percent earlier. The rate is effective from 7th January, 2017.
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