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Bank of India Two wheeler Loan Interest Rate

Current Bank of India Two wheeler Loan Interest Rates India Sep 2020

Last Updated 01st Sep 2020

Interest Rates 7.75%
Maximum Loan Amount Eligibility 100% of Ex-ShowRoom Price
Maximum Loan Tenure 5 years
Lowest EMI per Rs. Ten Thousand Loan Amount ₹ 202
Processing Fee 1% of Loan Amount with Minimum Rs. 500 and Max Rs. 10,000
Prepayment Charges Nil charges
Interest Calculation EMI on a monthly reducing balance
Age Between 21 years and 65 years

Bank of India Two wheeler Loan

Bank of India Bike Loan Interest Rates

Bank of India bike loan Interest rate calculator works on various inputs like:

  • Salary - Higher salary bracket individuals are offered loans at lower interest rates. Bank of India auto loan rate varies with your net monthly income.
  • Employer category – Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Bank of India has a list of company categories of salaried individuals to which they avail two wheeler loans. So, higher company category leads to low rate of interest.
  • Type of two wheeler - Bank of India interest rate depends upon the type of bike you want to buy. If you have applied loan for a high value two wheeler, then the bank offer low interest rate on your two wheeler.
  • Relationship with the Bank – Bank of India offers special rates, offers and charges to the salary account holders of the bank. Those who have managed their accounts low Bank of India 2 wheeler interest rate.

Bank of India Two wheeler Loan Eligibility

Eligibility of 2 wheeler loan in Bank of India relies upon different factors but the most important factor is your ability to repay the loan. Two wheeler loan calculator calculates eligibility of an applicant depending upon various factors like

  • Age: Age plays an important role to know your eligibility and repayment capacity. Bank of India offers two wheeler loan to individuals who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: Bank of India bike loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for two wheeler loan. Bank of India asks for net monthly income of ₹ 15,000 from salaried professionals.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your two wheeler loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your two wheeler loan eligibility.

Bank of India Two wheeler Loan EMI

Two wheeler Loan EMI of Bank of India is a fixed amount that you pay each month towards the repayment of your bike loan till the end of tenure. Lowest EMI offered by Bank of India is ₹ 202 per ten thousand loan amount at lowest two wheeler loan interest rate of 7.75%. Bank of India bike loan EMI calculator depends on factors like:

  • Auto Loan Bank of India interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount
  • Two wheeler loan EMI calculation varies from bank to bank depending upon the method of calculation

Bank of India 2 Wheeler Loan Apply

Bank of India gives the facility of bike loan to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from Bank of India:

  • Competitive pricing
  • Flexible repayment options
  • Pan India presence

Documents Required for Bank of India 2 wheeler Loan

Two wheeler loan Bank of India documents for salaried employees

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Form 16, last 3 months pay slip, bank statement of 3 months showing salary credit and any EMI debit

Two wheeler loan Bank of India documents for Self-Employed

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Last 2 years ITR
  • Business existence proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies

FAQs

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

Bank of India bike loan interest rates today are 7.75% to 8.15%.

What is the lowest EMI for ten thousand amount on Bank of India two wheeler loan?

If you apply for a 2 wheeler loan from Bank of India, your lowest EMI for ten thousand amount will be ₹ 202.

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

You can repay your bike loan from Bank of India in a flexible period of maximum 5 years.

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

Bank of India offers you 100% of Ex-ShowRoom Price of two wheeler as loan.

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

Bank of India charge a processing fee of 1% of Loan Amount with Minimum Rs. 500 and Max Rs. 10,000 with applicable service tax.

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

Yes, age is an important eligibility factor to get Bank of India two wheeler loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Bank of India two wheeler loan?

You can foreclose your two wheeler loan from Bank of India with Nil charges.


Bank of India Two Wheeler Loan News - Sep 2020
  • 2020-08-03 : Bank of India posted PAT of Rs. 845.78 crore in Q1FY21
    Bank of India posted a net profit of Rs.845.78 crores for the period ended June 30, 2020, as against a net profit of Rs.3600.65 crores for the period ended March 31, 2020. Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.12022.48 crores during the period ended June 30, 2020.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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