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BOI Star Vehicle Loan Scheme
 
Product BOI Star Vehicle Loan Scheme
Eligibility 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 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)
Type of Advance Demand Loan /Term Loan (for 2nd hand vehicles only Demand Loan)
Quantum of Loan Maximum limits for finance :
  1. Individuals (Resident in India) :
    1. For Indian make vehicles - Rs.25 lacs
    2. For imported vehicles - Rs.75 lacs.

  2. For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)

  3. Non-resident Indians - Rs.25 lacs.

    The limits are subject to :
    1. 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 yeas I.T. Returns
    2. two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.
    3. Net take home pay should be atleast 40% of income (net of proposed EMI).
Rate of Interest (on daily reducing balance) (Floating, p.a. at Monthly rests)
i. Fully Secured Loans
New Vehicles - Repayment upto 3 years @1.75% over Base Rate
New Vehicles - Repayment over 3 years @2.25% over Base Rate
Second Hand Vehicles @2.25% over Base Rate
Repayment (New Vehicles)
  1. For Individuals - for new vehicles
    4 wheelers - Max. 7 years.
    2 wheelers - Max. 5 years.

  2. For Corporates/Firms,etc. - Max. 5 years.
  3. For second hand vehicles - Max. 3 years.
 
 
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BOI Star Vehicle Loan