I will tell you details of Bank of India, Bike Loan offer to customer’s so that you can get idea about the loan.

Eligibility
Salaried employees, Professionals, Self-employed

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
1.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)

2.Reimbursement of cost of four wheeler purchased from own sources

Quantum of Loan
Maximum limits for finance :
Individuals (Resident in India)
For Indian make vehicles - Rs.50 lacs
For Companies and corporate entities - Rs.100 lacs.

For Companies and corporate entities - Rs.200 lacs (Can be a fleet of vehicles)
Non-resident Indians - Rs.50 lacs.

Repayment
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

Loans to NRIs – Guarantee of Resident Indian is required

Address:-
Bank of India
STAR HOUSE
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.

Phone:-
022-66684444