Bank of India Two-Wheeler Loan
A two-wheeler loan is a secured retail credit facility used to finance the purchase of a motorcycle, scooter or moped, with the vehicle typically hypothecated to the lender until the borrower repays the amount. It suits salaried employees, professionals, self-employed individuals and others who want to spread the cost of a bike over regular instalments rather than paying the full price upfront.
Bank of India, a public-sector bank founded in 1906 and headquartered in Mumbai, offers two-wheeler finance under its Star Vehicle Loan scheme for individuals, which covers both new two-wheelers and used vehicles within the age limits the bank prescribes. The bank's version emphasises a limited set of documents and financing for more than one personal vehicle within its overall ceiling, and it extends eligibility to salaried people, professionals, self-employed persons, pensioners and, on a joint basis with a resident close relative, Non-Resident Indians.
Bank of India highlights the absence of hidden charges and no prepayment penalty, positioning the product for borrowers who may wish to close the loan early. Comprehensive insurance of the financed vehicle with the bank noted as an interested party is part of the arrangement. Approval, loan amount and terms are assessed on a case-by-case basis against the bank's eligibility and income-assessment norms, and sanction is not guaranteed.
At 7.6%, Bank of India has one of the lowest starting rates of the 10 lenders we track for two-wheeler loans.
Documents required
- Salaried: Identity/address proof such as Passport, Driving Licence, Aadhaar Card, or a latest utility bill (electricity/telephone/piped gas) or house tax receipt
- Salaried: Latest 6 months' salary/pay slips
- Salaried: Two years' Income Tax Returns or Form 16
- Self-employed: Last 3 years' Income Tax Returns with CA-certified Computation of Income
- Self-employed: Profit & Loss Account, Balance Sheet and Capital Account Statement
As published by Bank of India. Your branch may ask for more.
Eligibility
Loan terms
- Available for both new two-wheelers and used/second-hand two-wheelers within the bank's permitted vehicle age limits
- No prepayment penalty on early closure of the loan
- No hidden charges disclosed by the bank on the scheme
- More than one personal vehicle can be financed within the scheme's overall limit
- Comprehensive vehicle insurance with the bank recorded as an interested party is required
Fees & charges
FAQ
Manufacturer-captive schemes (e.g. subvented festive offers) can carry very low headline rates, but check the processing fee and any bundled add-ons — the effective cost is what matters. Compare against a bank two-wheeler loan.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.