Bank of India Car Loan

The dream of owning a vehicle of your own is achievable with the plethora of car loan available these days. Today, banks are providing car loans at highly competitive rates with easy repayment options and attractive schemes. One such car loan provider that has been in the service of Indian consumer for generations is Bank of India.

Bank of India was one of the first banks in India whose promoters aimed to help all sorts of communities in India. At a time when Europeans mainly owned banks in India, Bank of India was one of the first to be owned by a diverse group of Indians. Founded in 1906, Bank of India has been a government bank since 1969.

With over 4963 branches and 54 zonal offices in India and over 60 branches overseas, Bank of India has truly stretched its wings. Bank of India’s vision is to become the preferred choice for corporates, small and large-scale businesses and retailers.

Bank of India not only provides financial assistance, it is also majorly invested in various CSR programs in India. From time to time Bank of India takes part in a variety of CSR initiatives such as the Swacch Bharat Abhiyan where Bank of India helped in the construction of toilets for schools all around India. It also helped in setting up of solar streetlights and hand pump sets in rural parts of the country.

Overview Of Bank of India Car Loan

Bank of India car loan or popularly known as BOI Star Vehicle Loan Scheme is one of the best car loan schemes available in the retail market. Sought after by loan seekers for its low interest rates, flexible repayment options, hassle-free documentation and special arrangements during the festive season, Bank of India car loans are a reliable choice.

Bank of India tries to imbibe its values of serving people with utmost sincerity and transparency, which is why all the fees and rates are disclosed to the buyer at all times. Their reasonable interest rates are one of the main factors why Bank of India is a choice for many to avail a car loan.

Why to Pick Bank of India Car Loan?

Bank of India is a government owned bank and its reliability has been one of the biggest assurances for loan seekers. There are a number of other factors why Bank of India is a preferred choice:

  • Minimal documentation – Bank of India makes the paperwork for the car loan as simple and legible as possible.
  • Customer Service – Bank of India provides a superior service by a designated bank representative who will guide you through the entire process.
  • Transparency – Bank of India has a very transparent structure wherein the loan requirements and the associated fees and charges are mentioned clearly. There are absolutely no hidden costs.
  • Low Interest Rates – Bank of India offers one of the lowest interest rates with special offerings during the festive season that makes it extremely popular in the car loan market.

Features of Bank of India Car Loan

  • Bank of India offers car loans with some attractive features:
  • Hassle-free documentation – Bank of India offers car loans with minimal documentation that makes the process of purchasing a car much easier.
  • Bank of India provides guidance from trained bank representatives during the entire loan application process to address all your needs.
  • Bank of India maintains a very transparent structure and all their terms and conditions as well as the fees for all components are laid out in clear and concise manner.

Benefits of Applying Bank of India Car Loan at Letzbank

Letzbank guides you in the loan process and makes the application simpler. Our website hosts loan details provided by every major bank in one go so that you do not have to take the trouble of individually searching each bank website for loan details and to make comparisons. That’s not all; we also provide you quick access to quotes from banks within seconds. All you are required to do is fill up our quick form on the website and enter your loan requirements and we will take care of the rest. And we do all that for no cost at all.

Bank of India Car Loan Eligibility

The eligibility to avail Bank of India Car Loan and the documents required is as follows:

For Salaried Individuals


  • Maximum age at loan maturity should be 65 years.
  • Bank has other eligibilities that are informed at the time of application.

Documents Required

  • Proof of age and identity.
  • Valid address proof.
  • Bank account statements for the past six months.
  • Last 3 months of salary slip.
  • Income Tax Returns and Form 16s of the latest year.

For Self Employed Individuals


  • Age limit is 65 years at the time of loan maturity.

Documents Required

  • Proof of Identity.
  • Address Proof.
  • Income Tax Returns of the last three years.
  • Audited balance sheet and profit and loss account for the last 3 years.

Bank of India Car Loan Interest Rates

Bank of India offers car loan at 10.15% rate of interest per annum.

Bank of India Car Loan EMI Calculator

You can calculate your monthly EMI by using Letzbank EMI calculator. All you need to do is enter the loan details such as loan amount, tenure requested, interest rate and the EMI calculator will calculate the monthly EMI for you.