Bank of India car loan

I want to buy a car but I can’t because I don’t have much money so I want to take car loan from Bank of India. Can you please tell me what are the terms and conditions of the bank for car loan and how can I apply for the loan?

Bank of India car loan

Terms and Conditions :
Eligibility : employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates.

Maximum loan amount:
Rs. 100 Lakhs, or twice of your gross annual income if you are salaried, and thrice of it (average of last 2 years gross annual income) if you are a businessman, whichever is lower.

Maximum loans upto Rs 0.25 lac available for installation of CNG/LPG Gas-Kit in new/old (not more than 5 years) four-wheeler, if taken separately.

Repayment :
New Vehicles : 84 months.
Second hand vehicles : 36 months.
CNG/LPG Gas-Kit : 24 months. (If loan sanctioned is only for Gas-Kit)

Margin :
For loans upto Rs. 15 lacs:
New Vehicles : 15% on road price of car
For loans over Rs. 15 lacs:
New Vehicles : 20%on road price of car

Age :
Minimum - 21 years
Maximum – present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others.

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Answered By StudyChaCha Member

Bank of India provides the best car loan scheme for you. The loan amount been authorized under the scheme depends upon the cost of vehicle and the income of borrower. Bank offers a good-looking rate of interest and has also set easy repayment plan.

Eligibility for BOI Car Loans:
Salaried employees,
Professionals,
Self-employed,
individuals with
high networth,

Non-Resident Indians in India – advance to be granted jointly with Resident Indians (close relative)
.
Interest Rates of Bank of India Car Loan: As On 1 February 2013Bank of India
For New car 10.95%
For Used Car 11.75%

Repayment :
A) For Individuals – for new vehicles
4 wheelers – imported vehicles-Max. 7 years.
4 wheelers – Indian vehicles – 6 years.
2 wheelers – max. 5 years.
B) For Corporates/Firms,etc. – Max. 5 years.
C) For second hand vehicles – Max. 3 years.

Processing Charges:
a)Loans upto Rs.25,000/- – One time Rs.1000/-
b)Loans above Rs.25,000/- upto Rs.25 lacs – One time @1% of loan amount Min.Rs.2000/- and Max.Rs.10,000/-
c)Loans above Rs.25 lacs – one time 0.25% of the loan amount Max.15,000/-
Note: 50% concession on above processing charges for new loans -1st disbursement up to 31.03.2013

Processing Fee
0.51% of Loan amount

Car Loan Scheme for Used Car
SBI offers you:
• No Advance EMI;
• Longest repayment tenure (7 years);
• Lower interest rates
• Lower EMI;
• LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth Rs 25000),
• Interest Calculated on Daily Reducing Balance;
• Flexibility of payment of EMI anytime during the month;
• Low pre-payment penalty, only 2%;
• Low processing fee (only 0.51% of loan amount);
• Free Accidental insurance ;
• Optional SBI Life cover.

I have providing you attachment PDF file. You can download free from here

Attached Files Available for Download

Bank of India car loan application form.pdf (442.8 KB, 16 views)

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Answered By StudyChaCha Member