Find details of bank of india bike loan through Bank Of India EMI calculator. Just enter the loan amount of bike you want to get financed and rate of interest. Bank Of India EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
Bank of India Bike Loan eligibility, Interest Rate, documents and process
Security:
Salaried employees, Professionals, Self-employed
Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative) (Age of the individual borrower not to exceed 65 years at the time of availing the advance) Companies, Partnership Firms, Proprietary concern and other types of Corporate entities. HUFs not Eligible
Purpose:
Purchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase of used/second hand 2 and 4 wheeler. (age of the vehicle not to exceed 3 years)
Type of Advance:
Demand Loan /Term Loan (for 2nd hand vehicles only Demand Loan)
Quantum of Loan:
Maximum limits for finance :
Individuals (Resident in India) :
For Indian make vehicles - Rs.25 lacs
For imported vehicles - Rs.75 lacs.
For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)
Non-resident Indians - Rs.25 lacs.
The limits are subject to :
24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.
Net take home pay should be at least 40% of income (net of proposed EMI).
Repayment (New Vehicles)
For Individuals - for new vehicles
4 wheelers - Max. 7 years.
2 wheelers - Max. 5 years.
For Corporates/Firms, etc. - Max. 5 years.
For second hand vehicles - Max. 3 years.
Security:
Hypothecation of vehicle to be purchased out of Bank finance.
Charge to be registered with RTO.
Third party guarantee required in the following cases
Loans to NRIs – Guarantee of Resident Indian is required.
Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.
Margin:
Individuals
(including NRIs) : (For new vehicles)
Amount
Margin -%
Upto Rs.10 lacs
NIL MarginOn Ex. show room Price-excluding comprehensive Insurance, Taxes and Registration charges
Above Rs.10 Lacs to Rs.25 Lacs
15% Margin On Road Price-including comprehensive Insurance Taxes and Registration charges
Above Rs.25 Lacs
25% MarginOn Road Price-including comprehensive Insurance Taxes and Registration charges
For Corporate entities/firms, etc. : Min. 25%
For second hand vehicles: Min. 30% ( on depreciated value or value assessed by Valuer or sale consideration whichever is lower)
Processing / Handling Charges (One Time) :a) Loan to Individuals: (for New four Wheeler Loan: Rs.500/- per application, irrespective of limit.b) For New Two Wheeler Loan/2nd hand vehicle(both 2/4 wheelers) : 1% of the loan amount, Minimum Rs.500/- and Maximum Rs.10,000/- For Partnership firms/Corporates – Processing charges will be double that of individualsFor Rural Branches – Processing charges will be 75% that of applicable to individuals, subject to minimum of Rs.500/- in respect of loans availed by borrowers of rural from the Rural Branch.
Processing charges waived for senior citizens, staff members and retired employees of the Bank and pensioners drawing pension from the Bank.No processing charges at the time of review(same terms)
