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| COMPARE : CAR LOANS |
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| Introduction |
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| Bank of India offers a vehicle loan scheme as Star Vehicle loan. The loan amount been sanctioned under the scheme depends upon the cost of vehicle and the income of borrower. Bank offers an attractive rate of interest and has also set easy repayment plan. |
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| Highlights |
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New Car |
Used Car |
| Loan Type |
Term Loan |
Demand Loan |
| Ex-Showroom/On Road |
On Road |
On Road |
| Loan Amount |
Maximum loan limit:
For Indian make vehicles - Rs.25 lacs
For imported vehicles - Rs.75 lacs.
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24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 yeas I.T. Returns
For Indian make vehicles - Rs.25 lacs
For imported vehicles - Rs.75 lacs.
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| Tenure |
Min. - 12 months.
Max. - 84 months.
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Min. - 12 months.
Max. - 36 months.
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| Interest Rate |
10.65 % |
11.45 % |
| Time to Process Loan |
7 days |
7 days |
| Preferred Manufacturers |
Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
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 Fees & charges
Fees & charges
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New Car |
Used Car |
| Stamp Duty |
As Per Actuals |
As Per Actuals |
| Legal, Repossession and Incidental Charges |
As Per Actuals |
As Per Actuals |
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| Comment on Charges |
Margin: 25%
Processing charges: 1%
Min- Rs.2000
Max-Rs. 10000 |
Margin: 15%
Processing charges: 1%
Min- Rs.2000
Max- Rs.10000 |
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