Bank of India waives processing fee on home and car loans till March 31, 2027

Bank of India has announced a festive offer for people planning to buy a home or a car. One of the country's large public sector banks, it will give a 100 per cent waiver on the processing fee applicable to eligible home loans and four-wheeler loans. Eligible customers will not have to pay the fee at all.

The waiver will apply between October 1, 2026 and March 31, 2027. The limited-period offer, launched in the festive season, aims to reduce the upfront cost of taking a loan for eligible customers. The bank says it will help people fulfil their dream of owning a home and a vehicle, and will further strengthen its presence in retail lending.

On home loans, the full waiver may be available to customers with a CIBIL personal credit score of 725 or above. The relief will cover several types of home loan, including top-up loans, Smart Home Loan and Star Diamond Home Loan. Subject to the bank's eligibility conditions, the waiver will also apply to home loan transfers.

The processing fee is already waived on some home loan schemes, including PMAY 2.0 Urban, affordable housing loans and Star Samruddhi Home Loan. The concession currently available on these schemes will continue.

On four-wheeler loans, individual customers with a CIBIL personal credit score of 725 or above may get a 100 per cent waiver on the processing fee applicable to eligible new vehicle loans. Eligible borrowers who are not individuals will also get the benefit, provided their external credit rating is BBB or above, or their rating is CMR-3 or better.

To promote electric mobility, Bank of India is also giving a 100 per cent waiver on the processing fee applicable to loans for buying electric four-wheelers. The CIBIL personal credit score requirement does not apply to this facility, but the bank's loan terms and conditions will apply.

According to the bank, the decision reflects its continued focus on making retail loans easier and more affordable and on strengthening its home loan and vehicle loan portfolio. By cutting upfront costs, the bank wants to give greater benefit to eligible customers preparing to buy a home or a four-wheeler.

The offer is valid until March 31, 2027 and is subject to the bank's eligibility conditions and applicable terms and conditions. For eligibility, more information and the application process, customers can visit their nearest Bank of India branch or the bank's official website.