Bank Of India Car Loan Customer Care

Bank of India 24*7 Customer Care Toll-Free Number

Bank of India 24*7 Customer Care Toll-Free Number

You can call their toll-free number 1800 220 229 any time including Sunday and bank holidays. The call centre is staffed 24x7 and the customer care executives are trained to respond to most queries. There are also some city specific numbers dedicated to certain cities such as Mumbai, which you can call for quick access. While these calls are charged, you will probably get a more specific redressal typical to your city here. The number for Mumbai is 40919191.

Email Redressal

If you have a more specific query or need to put your complaint in writing, you can email to boi.callcentre[at]bankofindia[dot]co[dot]in. A customer care executive will reply typically within 24 hours. In case your complaint needs to be escalated to a senior level, there may be some delay in receiving a response.

Bank of India Online Assistance

BOI has a comprehensive “Contact Us” page on their website. Through this page, you can contact BOI either by sending an email or filling out an online form.

Here is what you need to do to register a complaint of provide feedback by filling out the online form. Visit the BOI website

• Click on Contact Us
• Scroll down and you will see an option for Grievance Form.
• Click on this option to open up the form
• Fill in all your details completely and correctly to help the employees understand your query.
• Please choose the complaint category carefully so that your complaint is directed to the correct department / branch.
• In the Details of Complaint box, enter the details of your problem. If you are simply providing feedback please mention this specifically here.
• Fill out the form and click submit.

Bank of India Branch

In case you do not receive any response to your online complaint or are dissatisfied with the response, you may visit any branch of BOI to speak to a customer care executive. Please be aware that the executive you speak to may not be directly connected with BOI car loans and hence may request some time to look into the matter.

Grievance Redressal Procedure

The procedure for grievance redressal is as follows -

Step 1: Communicate your complaint to BOI via any of the channels mentioned above.

Step 2: Having registered your complaint you will receive a complaint number. Please keep this number handy for future correspondence or communication.

Step 3: A bank representative will revert as soon as possible. The typical response time is 24 hours or 1 working day. However it may take up to 3 days depending on the channel you choose and the complexity of your complaint.

Step 4: Every bank is required to appoint Nodal officers for grievance redressal. One officer is appointed for every city. In case you are not satisfied with the solution provided by the customer care executive, you may meet or write to the local Nodal officer.

Step 5: You may contact the local Ombudsman who can also help resolve your query to your satisfaction. BOI has an internal Ombudsman in addition to the one appointed by RBI.

Step 6: If all of this fails to satisfy you, you can contact the Standing Committee on Customer Service or the Customer Care Committee of the Board. You can contact these committees by addressing your correspondence – email or letter – to the chairman of the respective committee at the following address –

BANK OF INDIA

STAR HOUSE

C - 5, "G" Block,

Bandra Kurla Complex,

Bandra (East),

Mumbai 400 051.

Bank of India Car Loan features

Apart from the usual features of any car loan, BOI Star Vehicle Scheme has the following additional features -

• BOI has a pan India presence. They have a wide network of branches and hence are able to service the remotest areas of the country.
• They offer competitive rate of interest
• The process of loan approval is simple and quick.

Bank of India Car Loan Interest Rates and Fees

Bank of India Maximum Loan Amount

Bank of India car loan eligibility

• Age- The borrower should be minimum 18 years and maximum of 65 years of age.
• Type of employment- You may be salaried, self-employed, businessman, or professional. You may be an NRI, a registered company, a partnership firm or the owner of a proprietary firm. Unfortunately BOI does not offer car loan to HUF.
• Income requirement- Ceiling on loan amount is affixed as a percentage of the Net Take Home Pay (NTHP). Here are the details –

BOI Security for Car Loan

The vehicle will be hypothecated to the bank against the loan. No other collateral is required. A resident guarantor is mandatory for NRIs.

Computation of EMI

Subject to the borrowing limits, you are free to apply for a loan of the amount you desire. EMI is generally computed as the sum of the Loan amount and interest divided by the term in months. The interest may be loaded by the processing fees and other charges.

BOI offers up to 85% of the on-road price of the car including registration and insurance. This is further subject to your income.

Factors affecting Bank of India Car Loan EMI

• Loan amount – The bigger car you purchase the higher the on-road price. Since loan amount comprises a significant proportion of your EMI, the higher the price of the car the bigger your EMI.
• Interest rate – Interest is the payment you make to the lender in exchange for use of the money he lends you and the risk he bears on your behalf. BOI offers an interest rate of 9.45% of the loan amount. The interest will therefore be higher for larger cars as compared to smaller cars – simply because larger cars cost more than smaller cars. This can directly impact your EMI – ergo, the larger – or more expensive – the car the larger the EMI you pay for repayment of your loan.
• Loan tenure – Also known as term or loan period, loan tenure is the period (number of years or months) over which you wish to repay your loan. If you elect to repay over a longer period, your total repayable amount will be spread thinner, making your EMI lower. If on the other hand you wish to pay off your loan quickly within a short period, you will have to pay more every month. This would depend to a great extent on your monthly income.

BOI allows a maximum term of 7 years.

Other Significant Facts

Some other important facts about BOI Car Loan –

• You can include your spouse or partner’s income in the loan computation by making them a co-applicant to the loan. This will significantly improve your eligibility for loan.
• You can register an ECS mandate to your BOI account for payment of EMI. An ECS mandate is a standing order to the bank to debit the amount of EMI from your bank account and make payment towards loan repayment.
• You can also register ECS mandate to other bank accounts.
• A good credit rating or credit score can significantly reduce your EMI. A credit rating is your history of loan repayment which is taken into consideration at the time of computation of EMI. Credit Score is a numerical value assigned by the credit bureau which reflects your credibility as far as eligibility for loan is concerned. This is applicable to all types of loans. A high credit score automatically means lower EMI since there are no loads on your interest.

About Bank of India

With nearly 5000 branches across the country, Bank of India ranks among the top banks in India as far as infrastructure and banking network is concerned. The bank was established in 1906 and became a scheduled bank in 1969 along with several other banks. BOI also has a strong overseas presence with 22 branches in 5 different countries. In short BOI is one of the oldest and strongest banks in India.