Bank of India: ₹0 Fee on Car & EV Loans Till 2027

Bank of India is waiving processing fees on new car and electric vehicle loans until March 2027. This saves borrowers thousands of rupees upfront when taking a vehicle loan — a rare, time-limited offer worth acting on before it ends.

Here's what happened: Bank of India has waived processing fees on all new car loans and electric vehicle loans, effective until March 2027.. Processing fees on vehicle loans typically range from 0.25% to 0.50% of the loan amount, meaning savings of ₹3,000–₹7,500 on a ₹15 lakh loan.. The offer applies to both conventional petrol/diesel vehicles and EVs, making it relevant to a wide range of car buyers right now..

What you should do: Compare Bank of India's car loan interest rate against HDFC Bank, SBI, and ICICI — a low rate beats a fee waiver if the EMI difference is large over 5–7 years.. Ask your dealer's finance desk to include Bank of India in the loan comparison sheet — many dealers default to partner NBFCs and skip PSU bank offers.. Check whether the waiver applies to used-car loans or only new vehicles before you finalise, as terms can differ by branch or loan type..

Processing fee waivers are negotiable at most banks even without promotions — ask in writing before signing. But Bank of India's current waiver removes the need to negotiate entirely, saving you awkward conversations.