Bank of India Used Car Loans

BOI Star Vehicle Loan (Used Vehicles)

Processing Fee

Loan Amount
₹ Up to 2 Crores
1 - 3 Years


What margin money I have pay on used vehicle loan?

A margin money of minimum 30% is mandatory, calculated on depreciated value or value assessed by Valuer or sale consideration, whichever is lower.


What security or collateral I have to provide for new car loan?

Hypothecation of vehicle is mandatory for primary security. Additionally, a third party guarantee of a resident indian will be required in case of an NRI applicant.