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BOI Star Vehicle Loan Scheme
Product BOI Star Vehicle Loan Scheme
Eligible Customers 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
  1. 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)
  2. Reimbursement of cost of four wheeler purchased from own sources.
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.50 lacs
    2. For imported vehicles - Rs.100 lacs.
  1. For Companies and corporate entities - Rs.200 lacs (Can be a fleet of vehicles)
  2. Non-resident Indians - Rs.50 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 years 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.

Net take home pay:
Gross Monthly Income % of NTHP
Up to Rs.1.00 lacs 40 %
Rs. 1.00 lacsupto Rs.5.00 lacs 30%
Above Rs.5.00 lacs 25%

For Others: DSCR: Min.1.5

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.

For second hand vehicles - Max. 3 years.
  1. Hypothecation of vehicle to be purchased out of Bank finance.
  2. Charge to be registered with RTO.
  3. Third party guarantee required in the following cases
    1. Loans to NRIs – Guarantee of Resident Indian is required.

Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.

Margin Individuals (including NRIs) : (For new vehicles)


Margin -%

Upto Rs.10 lacs

NIL Margin
On Ex. show room Price-excluding comprehensive Insurance, Taxes and Registration charges

Above Rs.10 Lacs to Rs.25 Lacs

15% Margin
On Road Price-including comprehensive Insurance Taxes and Registration charges

Above Rs.25 Lacs

25% Margin
On Road Price-including comprehensive Insurance Taxes and Registration charges

For Corporate entities/firms, etc.
: Min. 25%

For second hand vehicles : Min. 30% ( on depreciated value or value assessed by Valuer or sale consideration whichever is lower)
Rate of Interest


BOI Base Rate 9.70% w.e.f. 05.10.2015


New Vehicle
Repayment period up to 7 years

Second Hand Vehicle
Maximum Repayment period 3 years

Base Rate Plus 0.45% presently 10.40 % ,p.a at monthly rests

Base Rate Plus 1.25% presently 11.20 % p.a at monthly rests

Repayment period up to 5 years

Base Rate Plus 4.00% presently 13.95 % p.a at monthly rests

Processing / Handling Charges (One Time)



a) Loan to Individuals: (for New four Wheeler Loan: Rs.500/- per application, irrespective of limit.

b) For New Two Wheeler Loan/2nd hand vehicle(both 2/4 wheelers) : 1% of the loan amount, Minimum Rs.500/- and Maximum Rs.10,000/- For Partnership firms/Corporates – Processing charges will be double that of individuals

For Rural Branches – Processing charges will be 75% that of applicable to individuals, subject to minimum of Rs.500/- in respect of loans availed by borrowers of rural from the Rural Branch.
Processing charges waived for senior citizens, staff members and retired employees of the Bank and pensioners drawing pension from the Bank.
No processing charges at the time of review(same terms)

Processing charges are exclusive of ST.

Terms & Conditions apply. Loan at the sole discretion of Bank of India.
For further information, you may contact nearest branch of the Bank
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Revised Base Rate 9.70% w.e.f 05.10.2015

Notice to SB Customers

2nd and 4th Saturday OFF

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International Card transactions temporarily blocked

To extend the benefit of exercising another option to join the existing pension scheme in terms of Joint Note dated 27.04.2010 to Officers / Family Members of deceased Officers who had taken voluntary retirement from Bank's service on or after 29.09.1995 under Regulation 19(1) of Bank of India Officers' Service Regulations 1979

Public Notice for BOI Customer.

Cash Retraction feature has been disabled on all BOI ATMs in terms of RBI guidelines.

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BOI Star Vehicle Loan