Bank of India Two-Wheeler Loan
Bank of India offers two-wheeler loans for used vehicles, new vehicles, and superbikes as well. You can avail of a two-wheeler loan from the Bank of India at an interest rate of 7.85% p.a. onwards.
Under this scheme, no guarantee will need to be provided for a loan of up Rs.50 lakh and the repayment tenure is up to 5 years.. Bank of India's two-wheeler loans can be used for the purchase of both new and second-hand bikes as well as for super bikes. The interest rates are attractive and the documentation process is simplified.
Bank of India Two-Wheeler Loan Interest Rate
Category | Details |
Interest Rate | 7.85% p.a. onwards |
Maximum Loan Amount | Contact the bank |
Minimum Loan Amount | At the discretion of the bank |
Income | At the discretion of the bank |
Repayment Period | Up to 5 years |
Compare with: Lowest two wheeler loan interest rate
Bank of India Two-Wheeler Loan Features and Benefits
The features and benefits of the Bank of India two-wheeler loan are given below:
- You may be able to purchase more than one two-wheeler.
- No prepayment penalty is levied.
- No hidden charges.
- Minimal documents need to be submitted.
- Low interest rate.
Bank of India Two-Wheeler Loan Eligibility
The eligibility criteria that must be met to avail a two-wheeler loan from Bank of India are mentioned below:
- You must be between the ages of 18 years and 65 years.
- Salaried employees, businessmen, farmers, and professionals.
- NRIs.
- PIOs.
- Directors of public and private limited companies.
- Partners in a partnership firm.
- Proprietor in a proprietorship firm.
Find: Two Wheeler Loan Eligibility
Documents Required
Documents Required for Self-Employed Individuals
- Application form
- Proof of residence (owned)
- Repayment track record
- Bank statement
- Income Tax Returns (ITR)
- Proof of identity
- Proof of address
- Passport-size photographs
- Quotation provided by a recognised dealer
- Profit and loss account
- Balance sheet
- Guarantor's application
Documents Required for Salaried Employees
- Application form
- Bank statement
- Proof of income such as salary slips (three months), Form 16, or ITR
- Proof of address
- Proof of identity
- Passport-size photographs
- Guarantor's application
How to Apply for Bank of India Two-Wheeler Loan Online?
The procedure that must be followed to apply for a two-wheeler loan with Bank of India online is mentioned below:
- Visit Bank of India Website .
- Click on ‘Apply Now’.
- Select ‘Apply Online’.
- Enter your name, email ID, and mobile number.
- Under ‘Product Category’, choose ‘Retail’.
- Under ‘Product’, select ‘STAR VEHICLE LOAN’.
- Under ‘Sub Product’, select ‘PURCHASE OF NEW VEHICLE (2/4 WHEELER)’.
- Select if you are an existing customer.
- Choose the amount.
- Select the state, district, and city you live in.
- Select the name of the branch.
- Complete the verification process and click on ‘Submit’.
- A Bank of India representative will contact you to process the request.
How to Apply Offline for Bank of India Two-Wheeler Loan
You can visit the nearest Bank of India branch and submit the relevant documents. Once the verification process has been completed, a two-wheeler loan will be provided.
Bank of India Two-Wheeler Loan EMI Calculator
When you know exactly how much your Equated Monthly Instalment (EMI) will be on your Bank of India two-wheeler loan, you will be able to plan your finances better and ensure that you are able to make regular payments without any stress.
To know what your EMI will be, all you have to do is visit the official website of Bank of India and navigate to the Calculator page. This is a free online calculator that will display your EMI instantly.
All you have to do is enter the correct figures, using the slider, for your loan amount, rate of interest, and repayment tenure. Your EMI is shown instantly.
Find the two wheeler loan emi calculator here.
FAQs on Bank of India Two-Wheeler Loan
- What is the interest rate offered on a two-wheeler loan?
Bank of India offers interest rates starting from 7.85% p.a. on its two-wheeler loans.
- What documents are required to apply for a two-wheeler loan?
You need to submit address proof, identity proof, income proof, residence proof, and your bank statement.
- Am I allowed to pre-pay my outstanding amount of loan in full?
Yes, the loan can be prepaid after you make regular payment of EMIs for the first 6 months within getting the loan. This payment will be accepted in the form of DD/cheque.
- Will NBFCs and banks check my credit score before they approve my loan application?
Yes, banks and NBFCs may check your credit score before they approve your loan application.
- Am I allowed to apply for another loan, if I already have a two-wheeler loan with the bank?
Yes, you can always get another loan from the bank.
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