Do you look for buying a car on loan? This article helps you to choose the best Loan from the Bank of India's Lowest Interest Rate. There are lots of banks or insurance company offer loans to buy a car, but the Bank of India is one of the best of them. Bank of India offers car loans at an affordable interest rate of 6.85% when you choose a repayment tenure of up to 7 years. Please attention that your interest rate will depend on your loan amount, credit score, repayment tenure, etc.
Bank of India Car Loan
| Features | New Car Loan | Used Car Loan |
|---|---|---|
| Interest Rates | 6.85% | 9.45% |
| Loan tenure | 7 Years | 3 Years |
| Processing Fee | NIL up to 31 st March 2022 | 1% of the loan amount: Subject to a minimum of Rs. 5,00 and a maximum of Rs. 10,000 |
| Loan Amount | Up to Rs. 20 Lakh | Up to Rs. 20 Lakh |
| EMI per Lakh | Rs. 1,632 | Rs. 3,201 |
| Prepayment Charges | NIL | NIL |
Bank of India Car Loan Benefits
- Low-Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
1. Low-Interest Rates
There are many companies or banks that provide car loans for buying a car. But the lowest car loan interest currently offered by Ban of India is 6.85%. The interest rate will depend on your loan amount, credit score, and repayment tenure.
2. No Hidden Charges
When you borrow a loan amount you will not need to pay for maintenance, supplies, training, support, and upgrade charges.
3. Minimal Documentation
When you go to borrow a car loan then the companies or banks are asking you to submit various documents for your identity & Address proof, Valid Passport, Permanent Driving License, Voters ID Card, Job Card issued by NREG, Last salary slip, and Form 16 as income proof, Bank statement of the previous 6 months. That means you will need to have more trouble borrowing a car loan. But when you borrow a Bank of India car loan so you will need minimal documentation.
4. Apply Online
Bank of India offers you to apply online for your car loan. you
Basic Documentation for Bank of India Car Loans
- ID Proof
- Address Proof
- Salary Slip
- Bank Statement
- Car Quotation'
Bank of India Car Loan Types
Bank of Baroda offers different types of car loans to its customers. You have three options to choose one of the best plans which will be suitable for you. Below we mention all the types of car loans from the Bank of India.
- New Car Loan
- Used Car Loan
- Loan Against Car
1. New Car Loan
The New Car Loan from the Bank of India will provide your loan amount of up to Rs. 20 lakh, and the interest rate per lakh is Rs. 1,632.
2. Used Car Loan
If you choose the Used Car loan plan then you can get up to Rs. 200 lakh of the loan amount which charges per lakh around Rs. 3,201 and 3 years of tenure with a 9.45% of interest rate.
3. Loan Against Car
When you realize you need urgent funds to buy your dream car you can get Rs. 10 lakh or up to 50% of your car's value.
FAQs
What is Car Loan?
A Car Loan is a sum of money a consumer borrows in order to purchase a car.
What is the Lowest Car Loan Interest Rate from the Bank of India?
Bank of India offers car loans at an affordable interest rate of 6.85%.
