Vehicle Finance Scheme
Bank of India offers various types of loans including the BOI Star Vehicle Finance Scheme, which is specifically targeted at the auto industry. This loan is open to individuals who are citizens of India and non-resident Indians. Applicants are required to have a good credit rating and income of at least seven hundred thousand rupees. Borrowers must be above the age of 18 years, have a monthly salary of at least Rs 25,000 and have a balance sheet and profit and loss account that are at least three years old. In addition, the four-wheelers must be brand new or less than three months old.
Besides, the age is a key factor. The maximum age for obtaining a car loan is 65 years, and the loan amount can range from Rs 5 lakh to Rs 6.5 lakh. The debt-to-income ratio also plays an important role when applying for a loan from the Bank of India. It is important to note that banks are careful in allowing borrowers to borrow up to 60% of their salary, as they want to be sure they are responsible and not defaulters. If you have any other loans or credit card debt, this ratio will also be a big factor.
The minimum loan amount is Rs 20 lakh, and the maximum loan amount is Rs 50 lakh. However, the interest rate on the loan is fixed at 8% p.a., and it is based on your CIBIL score. Apart from individuals, the scheme is open to salary workers, professionals, and self-employed individuals. The scheme is not open for HUFs or Partnership firms, so you will need to have a third party guarantee for it.
BOI Star Vehicle Finance Scheme
The maximum loan amount is Rs 35 lakh for a new car and Rs 30 lakh for a used car. If you don’t meet this requirement, you can opt for a co-borrower, whose income is more than 50% higher than yours. If you have bad credit, you can also check your credit score and make a larger down payment. This will improve your chances of getting the loan. You can even apply if you have a bad credit rating.
CIBIL scores play a very important role in the present. Your CIBIL score is what banks will use to assess your creditworthiness and decide whether you are worthy of a loan. If your CIBIL score is low, the bank will not grant you a loan. A good CIBIL score will prove that you are a reliable customer. It is therefore very important to have a good CIBIL score before applying for a bank loan.
The Bank of India Star Vehicle Finance Scheme has a maximum loan amount of Rs 25 lakh. A loan under this scheme is available in several forms – demand loans, term loans, and NRI loans. If you’re a citizen of India, the Bank of IIS will grant you the loan. The maximum amount for a car loan is Rs 35 lakh. The maximum amount for a vehicle is 50,000. The bank will provide you with the loan if you are a permanent resident of the country.