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Star SME Auto Express
Target group All existing SME units, as per new definition, run by Individuals, Proprietorship / Partnership firms, Limited Company, Trust, Society
Eligibility The unit / borrower should have sufficient net worth/source of funds to pay for the margin and initial recurring expenses. Conduct of the existing account must have been satisfactory.
Entry level credit rating should be SBS 5. No deviations to be allowed in entry level norms.
Purpose To purchase transport vehicles for delivering their products / Services. Educational institutions also eligible for transport vehicles for providing transportation services to students / faculty / staff. Only new vehicles will be considered. Second hand vehicles not permitted under the scheme.
Items to be financed Chassis + Body building costs + registration , insurance , road tax, accessories AMC etc.
Nature of facility Term Loan
Repayment To be repaid in 84 equated monthly installments inclusive of moratorium of maximum 3 months.
Appraisal of loan The economic viability should be worked out as per the overall income generated and surplus for loan installment / interest payment from the existing business operation of the unit.
Average DSCR should be minimum 1.25.
Margin and Asset Coverage Ratio Margin will be 20% of the cost of vehicle on road (chassis, body building and initial insurance, registration ,Road Tax & AMC).
Rate of Interest The rate of interest shall be applicable to existing credit rating of the account as well as aggregate credit limit arrived at after clubbing proposed finance for vehicle .
Processing Fee, Documentation charges etc For accounts falling within regulatory definition of MSME :
In terms of HOBC : 102/218 dt. 20-03-2009.
For accounts not falling within regulatory definition of MSME but within the new definition of SME :
In terms of HOBC: 102/119 dt.19-09-2008.
Security i. Primary : Hypothecation of the vehicle purchased out of the proceeds of the loan. Bank’s name as charge holder to be got entered in the books of the RTO and also the Registration certificate.
ii. Collateral : Micro and Small (Services Enterprises), can be sanctioned collateral free term loan up to Rs. 100 lakhs, subject to coverage under guarantee provided by Credit Guarantee Fund Trust for Micro & Small Enterprises.(CGTMSE) For loans above Rs 100 lakhs , suitable collateral security to be obtained depending upon the merits of individual cases.
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BOI Financial Results 30.06.2017

Press Release from IBA new

Integrity Pledge Count new

Public Notice for Unclaimed Dividend

List of Wilful Defaulters

With the implementation of Goods and Services Tax (GST), the existing service tax rate of 15% has been replaced by GST rate of 18% from July 1, 2017

All customers are requested to provide GSTIN to their branch alongwith supporting documents to claim input credit.

Annual Report 2017

We request our esteemed customers to urgently have their KYC details updated / corrected to avoid freezing of accounts new

MCLR w.e.f. 10.08.2017

Empanelment Of Sarfaesi Valuers

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As part of FATCA/CRS requirements, all customers are requested to submit Declaration Form (For Individuals) / Declaration Form (For Entities) click to download with supporting documents to their Parent Branch immediately. Non-Compliance with this requirement may lead to freezing or closure of account as per guidelines.

Base Rate revised to 9.55% w.e.f 31.03.2017

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