Bank of India car loan interest rate 2022 | cibil | lowest rate

Bank of India car loan interest rate 2022 understand in very simple way and get lowest rate of Interest.

If you have never taken a loan from any bank before, then Bank of India gives you car loan at 7.85% to 8.05% interest rate

• 7.85% for salleried who get job salary eg teacher, inspector, or any person working in private company.

• 8.05% for those who are self employed eg business man or shop owner.

If you have taken any loan from any bank before today, whether it is car loan or home loan, then you have a CIBIL score, based on this CIBIL score, Bank of India decides the interest rate on your car loan.

Now you must be wondering what is the CIBIL score, I have given the answer right below and after knowing which it will be easy for you to understand the interest rate of car loan.

What is CIBIL Score.

CIBIL is a company formed in the year 2000 and launched in April 2004.

Its job is to keep a record of the loan history of the people and when a person goes to the bank to take a loan, then this company provides the host of the previous loan of that person to the bank, which finds out whether the person who came to take the loan will be able to repay the loan or not and On this basis the bank decides the interest rate for you.

For example, it is like your character certificate.

You can check your CIBIL score from CIBIL website

Now I am going to tell you how much interest rate Bank of India gives on how many CIBIL score.

For salaried person

1. 7.35% if your CIBIL score is above 760.
2. 7.60% if your CIBIL score is between 725 to 759.
3. 7.75% if your CIBIL score is between 675 to 724.
4. 8.35% if your CIBIL score is below 675.

For Self employed

1. 7.45% if your CIBIL score is above 760.
2. 7.70% if your CIBIL score is between 725 to 759.
3. 7.85% if your CIBIL score is between 675 to 724.
4. 8.55% if your CIBIL score is below 675.

What is the age limit to get a car loan from Bank of India?

If you are above 18 years then you are eligible to take loan.

How much car loan can we take from bank of india?

If a person takes a loan, then 50 lakhs and if a company takes a loan, then he can get a loan of up to 1 crore.

What is the tenure of car loan repayment?

Bank of India gives a period of 7 years for an individual and 5 years for a company.

Do we have to keep anything in the banks as security while taking a car loan?

No! Because when you take a car loan, the bank keeps the original paper of the car and you do not get the paper until you pay the full amount.

How to get car loan at lowest interest rate?

There is a simple solution for this that you have to improve your CIBIL score and to improve it, first you take small loans and repay it on time so that your CIBIL score will increase and then you will get almost the lowest interest rate which is 7.35%. 

Why is my CIBIL score showing NA?

CIBIL Score NA means that you have not taken any loan yet and when you go to take car loan in bank of india you will get 8.85% interest rate.

Finance company vs bank who gives low interest rate on car loan?

The bank gives you a car loan at a lower interest rate than the finance company, but the finance company also gives loans to those whom the bank refuses to give the loan.

What is Fixed ROI in car loan?

The fixed rate of interest means that you will pay all the loan installments at the same interest rate.

What is floting ROI?

To understand floating rate of interest, you have to understand a rule of RBI which is that RBI declares rate of interest every 2 years and it may increase or decrease. And this rate of interest has to be followed by all the banks of India, now if you have taken a car loan on floating interest rate, then after 2 years RBI reduces the rate of interest then you will profit and if RBI increases then your loss .

What is the lowest amount that can be taken from the bank for a car loan?

The bank says if you are taking a car loan, then you will have to take a loan of at least 1 lakh and will not be given for less than 1 year.

how much car loan can i get?

You can take a loan of 20 times your salary from the bank.

People ask

how much car loan can i get on 40000 salary?

If your salary is 40000 then you can take loan up to 8 lakhs

how much car loan can i get on 50000 salary?

People with 50000 salary can take a car loan of 10 lakhs from the bank.