Bank of India Two Wheeler Loan

Bank of India was incorporated in 1906 by a group of renowned businessmen, having common objectives. The bank is based in Mumbai and operates through thousands of branches in India. It also has a good presence overseas. The equity shares of the bank are listed on the Bombay Stock Exchange (BSE). It offers a wide array of banking services such as Private Banking, Retail Banking, Commercial Banking, and Asset Management. In the retail banking division, the bank provides Two Wheeler Loans, along with other products.

Two Wheeler Loan

Along with the trend of luxurious cars, the trend for lavish bikes is also increasing, especially due to the rising traffic, pollution, and love for adventure as well. However, there are many people who are not comfortable with bikes and prefer scooters, mopeds, and Activa over them. Whatever the kind of two-wheeler you purchase, buying it through the financial aid of the bank is a profitable idea rather than spending the enormous amount from your pocket. Bank of India assists its customers by sanctioning loan at reasonable rates alongside other attractive features.

Features of BOI Vehicle Loan

1. Through the 'Star Vehicle Loan Scheme' of BOI, the customers can purchase either a two-wheeler or a car.

2. The loan can also be used to buy used vehicles, but not more than three years old.

3. The loan can be provided to salaried professionals, self-employed individuals, and NRIs (where the NRI need to grant an advance jointly with an Indian resident who must be a close relative).

4. The loan repayment period for a new vehicle is a maximum of 5 years.

5. The loan repayment period for a used vehicle is of 3 years maximum.

Eligibility Criteria of the Loan

• The loan can be provided to salaried professionals, self-employed individuals, and NRIs (where the NRI need to grant an advance jointly with an Indian resident who must be a close relative).

• The applicants can be a maximum of 65 years of age during the time of loan application.

• Corporate entities such as Large or Small Companies, Partnership Firms, Proprietary concern and other types of entities are also eligible to apply for BOI Star Vehicle loan scheme.

• HUF are not eligible for the loan.

Bank of India Two Wheeler Loan Interest Rate

The lending rate for two-wheeler loans is Base Rate + 4%, which is 13.95% per/year.

Frequently Asked Questions

Q1. What is the processing fee of the two-wheeler loan from BOI?

Except for Partnership firms/Corporates for whom charges are double, the processing fee for new and used vehicles is 1% of the loan amount which may be Rs.500 minimum and Rs.10,000 maximum.

Q2. Are the loan processing charges to be paid for one time?

Yes, the loan processing fees are charged by the bank for one time only.

Q3. Can BOI Star Vehicle Loan Scheme is applicable only for new two-wheelers?

No, BOI Star Vehicle Loan is applicable for a new or second-hand vehicle, as well.