Bank of India Car Loan
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About Bank of India Car Loan
Taking out car loans is the perfect example of making wise decisions while buying your dream car. Car loans are not just for the present. They go a long way toward taking good care of your finances by offering meaningful benefits.
So, if you are considering getting one for your car, choose from the best deal on car loans from the Bank of India. Being one of the A-listed banks in India, its car loans are intensely customer-centric. It offers easy loans at a low interest rate of 9% p.a.
Features and Benefits of Bank of India Car Loan
Bank of India offers you the best deals on car loans through its beneficial features and variety. One of its schemes primarily focuses on providing car loans to doctors. The essential highlights of these loans are as follows:
Low rate of interest: The car loan interests start at a minimum rate of 9.25% p.a.
Attractive loan amount: The fundamental quantum of loan amounts is Rs. 2 crores.
Zero hidden charges: Loan closures are quite transparent due to no hidden charges.
Online application: The loan application process takes 15 min if you apply online.
Easy documentation: The bank encourages easy documentation to avoid tedious paperwork.
Long repayment tenure: The repayment tenure is 7 years for being flexibly long.
Flexible EMIs: You can step up or step down your EMI whenever required.
Network of dealers: The bank maintains a good network of authorized car dealers for issuing car loans.
Factors Affecting Bank of India Car Loan Interest Rates
Taking car loans from the Bank of India is a smart choice when buying your dream car. However, the following factors can affect your car loan interest rates:
Your credit score: It would be best if you tried to increase your credit score to get a reduced interest rate on your car loan.
State of your car: On buying a new car, you get a lower rate of interest as compared to the case of a used car.
Fluctuations in market prices: Market fluctuations such as inflation hugely alter the interest rate of car loans.
Repayment tenure: Your loan repayment tenure should be long enough to benefit from a low-interest rate. Mention the advantages and disadvantages of taking out a car loan.
How to Apply for a Bank of India Car Loan
Bank of India has developed attractive car loans starting at low-interest rates and zero processing fees. The loans also feature a hassle-free application process along with quick loan approvals. For quick car loans, you must visit the official website of the Bank of India and use the online application portal.
To learn more about car loan applications, have a glance over the following steps:
Visit the official website of the Bank of India
Go to "Loans" and then select "Vehicle Loan"
Choose "Star Vehicle Loan-Individual"
Click on "Apply Now"
On the next page, select "Apply Online"
Eligibility Criteria for Applying for a Car Loan
The eligibility criteria for getting car loans from Allahabad Bank are as follows:
Eligible people: salaried class, businessmen, pensioners, NRIs, non-professionals
For salaried individuals: the net salary must be between Rs. 20000 to Rs. 25000, depending on the car's age.
For pensioners: the monthly pension must be a minimum of Rs. 20000
For business people: the net annual income should be above Rs. 3.00 lakhs
For firms: significant net profit of the last 2 years
Your age should be a minimum of 21 years old.
At the end of tenure, your age must be 60 years old.
Documents required for Applying for a Car Loan
The following documents are indispensable for car loan applications in India:
Identity Proof: e.g. Aadhaar Card or PAN Card or Voter�s ID or Passport
Address Proof: e.g. recent telephone bill or electricity bill
Business people or entrepreneurs: KYC of partners or audited finances of last 3 years
Salaried persons: Salary slip of the latest 3 months or two-year ITR
Pros and Cons of Taking Out a Car Loan
If you can choose the right car loan, there is no alternative to it. Car loans with convenient features like low-interest rates, easy documentation, flexible EMIs, and suitable repayment tenures restore your financial health. In essence, car loans are intelligent ways of obtaining money to buy cars.
However, there is one more thing to keep in mind while using car loans. Car loans with long repayment tenures can put you in tight emergencies. So, choose car loans that help to repay loan amounts without putting you on the verge of credit risk.
FAQ's
Why should I take car loans from the Bank of India?
You can get car loans at a low-interest rate from the Bank of India.
What are the essential features of a car loan?
Some essential features are low-interest rates, maximum repayment tenure, and significant loan amounts.
How can I apply for car loans from the Bank of India?
You can apply for car loans by visiting the banks official website.
How are car loans beneficial?
You should always choose car loans for buying a new or a used car.
Can I get car loans on used cars?
Choose car loans from the Bank of India for buying used cars.
Which factors can alter the car loan rates of interest?
The age of your car and your credit score hugely alter the rates of interest.
What is a credit score?
A credit score is a numerical figure that decides the rate of your car loans.
I am a salaried person. What documents do I need for car loans?
It would help to have salary pay slips for the last 3 months.
How much time does it take for car loan applications?
Online car loan applications are more accessible and faster.
What is the processing fee for car loans from the Bank of India?
Bank of India offers you car loans at zero processing fee.